CANADA STOCKS-TSX jumps on Goldcorp results, economic data

Thu Oct 25, 2012 11:30am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 122.56 points, or 0.92 percent, at 12,307.58.

* Goldcorp up 4.9 percent

* Materials group leads index's rise

By John Tilak

TORONTO, Oct 25 (Reuters) - Canada's main stock index rose 1 percent on Thursday as strong results from miner Goldcorp Inc and encouraging global economic data helped lift stocks across all sectors.

Goldcorp, Canada's second-biggest gold miner, posted a 48 percent rise in quarterly profit, sending its shares up 4.9 percent to C$42.78. It was the most heavily weighted riser on the index.

Its results helped boost the index's materials group, which was up 1.76 percent. The energy group rose nearly 0.75 percent, and financials were up 0.59 percent. Together the three sectors make up nearly 75 percent of the index's weight.

The better-than-expected economic data pushed up commodity prices. Brent crude oil was up around $109 a barrel. Gold prices rose as well, off seven-week lows hit on Wednesday. [ID: nL5E8LPG3M]

The market's rise was as much a reflection of higher gold prices as of Goldcorp's results, said Craig Fehr, Canadian market strategist at Edward Jones. "The rise in gold prices is helping companies like Goldcorp."   Continued...