TSX edges higher as base-metals miners rise, golds drop
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index gained modestly on Friday, rising 0.3 percent on the week, as a jump in base metal miners overcame a drop in gold miners, which were hit by a one-month low in bullion prices.
A rise in heavily weighted financial stocks also helped the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE stay in the green, while losses in oil and gas shares weighed.
"The mining area is the one showing a little bit of get up and go today," said John Kinsey, a portfolio manager at Caldwell Securities Ltd.
With iron ore prices bouncing off multiyear lows, Canada's Labrador Iron Ore Royalty LIF.TO followed its larger global peers higher, up 7.5 percent at C$14.70.
"Some people may think enough is enough and try to put in a bottom here," Kinsey said, referring to iron ore prices.
The most influential gainers on the index included First Quantum Minerals Ltd FM.TO, up 6 percent at C$17.54, and diversified miner Teck Resources Ltd TCKb.TO, which rose 6.3 percent to C$17.45.
The index's overall materials sector was flat, however, as gold miners fell back. Bullion hit a one-month low as strength in global equities markets diverted interest from the precious metal. In the group, Goldcorp Inc (G.TO: Quote) fell 2.4 percent to C$23.14.
The benchmark index ended up 15.98 points, or 0.10 percent, at 15,408.33. Eight of its 10 main sectors gained. Continued...