CANADA STOCKS-TSX halts 4-day skid, gold miners soar on results

Thu Oct 25, 2012 5:09pm EDT
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* TSX up 105.21 points, or 0.86 percent, to 12,300.23

* Goldcorp jumps 6.89 percent

* Agnico Eagle surges 8.93 percent

* Materials group leads index's rise

By Solarina Ho

TORONTO, Oct 25 (Reuters) - Canada's main stock index finished sharply higher on Thursday as strong results from miners Goldcorp Inc and Agnico Eagle Mines Ltd, as well as encouraging global economic data, helped lift stocks across most sectors.

Goldcorp, Canada's second-biggest gold miner, posted a 48 percent rise in quarterly profit, sending its shares surging 6.89 percent to C$43.60. It was the most heavily weighted riser on the index.

Fellow gold producer Agnico Eagle was another top gainer, soaring 8.93 percent to C$55.97 after the company posted record gold production and boosted its output forecast for the year by 5 percent. The results also led some analysts to hike their price target.

"It's been earnings driven to a large extent, especially in the materials sector and the solid earnings from the gold producers," said Elvis Picardo, strategist and vice president of research at Global Securities.   Continued...