CANADA STOCKS-TSX rebounds after strong North American data

Fri May 11, 2012 10:41am EDT
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* TSX turns positive, up 9.15 points to 11,745.32
    * Financials climb, gold weigh on market

    By Claire Sibonney	
    TORONTO, May 11 (Reuters) - Canada's main stock index turned
positive by mid-morning o n F riday as constructive North American
data helped to offset political uncertainty in Greece, negative
economic surprises from China and shock trading losses at
JPMorgan Chase.	
     Among the most influential gainers, insurer Sun Life
Financial jumped 3.4 percent to C$23.32, Canadian
National Railway climbed 0.8 percent to C$81.47 and
Toronto-Dominion Bank added 0.5 percent to C$80.59.	
    Economically sensitive financials recovered after news that
JPMorgan Chase & Co, the biggest U.S. bank by assets,
suffered a trading loss of at least $2 billion from a failed
hedging strategy. 	
    On the upside, Canada reported a surge in April jobs and
U.S. consumer sentiment rose to its highest level in more than
four years in early May.  	
    But global sentiment was still mixed after data showed
Chinese industrial production in April grew at its slowest pace
in nearly three years. After China's poor trade numbers on
Thursday, investors fear the world's No. 2 economy continues to
slow after a weak first-quarter performance. 	
    Meanwhile, the leaders of Greece's once-dominant political
parties made a last push to avert a new election, which a poll
showed would give victory to a radical leftist and doom an EU
    "The European situation is just a total mess," said John
Kinsey, portfolio manager at Caldwell Securities. "They're
getting new heads of state in France and maybe at some stage in
Greece and there are more elections to come this year so it's
just going to be a continual source of frustration ... and as
such the market will tend to react one day up and one day down."	
    At 10:30 a.m. (1430 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 9.15 points, or 0.08
percent, at 11,745.32.	
    "On a percentage basis it's really been kind of quiet and I
think that may be because a lot of the investors have just
pulled out of this market," added Kinsey.	
    "Some of the mutual funds in the first quarter had net
redemptions and I think people maybe just saying 'Well we'll put
our money into real estate or we'll just sit on the sidelines
for a while because I can't take any more of this frustration.'"	
    Among the most influential declines, Barrick Gold 
lost 1 percent to C$37.44, Goldcorp Inc fell 1 percent to
C$35.05 and Osisko Mining Corp sank nearly 11 percent
to C$7.58.	
    After reporting a profit on Thursday, Osisko announced that
a fire at its Canadian Malartic gold mine had forced it to shut
down operations at its only operating mine, which went into
commercial production last year.