TSX bounces on broad rally led by gold miners, financials
By Solarina Ho
TORONTO (Reuters) - Canada's main stock index rose on Friday as banks and mining companies, heavyweights on the index, rebounded from the previous day's slump.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 79.66 points, or 0.51 percent, to 15,586.13. The index eked out a small 0.2 percent gain on the week.
Of the index's 10 main groups, all but industrials, which fell 0.1 percent, gained during the session.
The materials group, which includes precious and base metals miners and fertilizer companies, ended 1.9 percent higher.
"They've been weak all week. Principally, they're a little bit better when the GDP came out in the United States," said John Ing, president of Maison Placements Canada. "That alleviates any pressure on rates so that caused that group to be a little bit better."
Economic data showed the U.S. economy grew at its weakest pace in three years during the first quarter. ECONUS
Gold miner Agnico Eagle Mines Ltd (AEM.TO: Quote) led the group's gains, soaring 10.5 percent to C$65.25 after the company beat profit and revenue estimates and raised its production forecast after markets closed on Thursday. Detour Gold Corp DGC.TO also surged, jumping 13.5 percent to C$17.25 after reporting positive quarterly results.
The financials group was heavily traded on Friday but only saw a 0.3 percent gain after taking a 1.7 percent hit the day before over jitters that mortgage lender Home Capital Group Inc's (HCG.TO: Quote) woes could spill into the broader sector. Continued...