2 Min Read
* TSX up 74.33 points, or 0.6 pct, at 12,286.75 * All 10 sectors stronger, led by commodities By Claire Sibonney TORONTO, Oct 11 (Reuters) - Canada's main stock index rose on Thursday after encouraging U.S. employment data and comments from the IMF that were seen were seen supporting stability in the euro zone. All 10 sectors were stronger, led by resource-related shares as commodity prices rose. Among the top advancers, Potash Corp rose 1.7 percent to C$41.22, Canadian Natural Resources climbed 1 percent to C$30.09 and Teck Resources added 1.7 percent to C$30.41. Boosting sentiment, data showed U.S. initial jobless claims fell to the lowest level in more than four and a half years. The report follows last week's government report that showed a surprising drop in September's unemployment rate to 7.8 percent. "There are definitely signs of life south of the border, whether it's housing prices, or industrial production or earnings for that matter," said Gavin Graham, president at Graham Investment Strategy, adding that the latest jobless claims report was further helping confidence. At 10:43 a.m. (1243 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 74.33 points, or 0.6 percent, at 12,286.75. Meanwhile, markets also reacted positively to remarks from Christine Lagarde, the IMF's managing director, that indebted euro zone economies should have more time to cut budget deficits. Lagarde's comments helped to offset news of a downgrade of Spain's credit rating. "I think the downgrade of Spain was already priced in," said Graham. "The fact is that there's no way Spain is investment grade at present, so it's a question of what is the political will on the part of the European authorities to continue buying Spain, and for that matter Italian, bonds."