CANADA STOCKS-TSX lifted by robust jobs data; resources lead way
* TSX up 24.92 points, or 0.21 percent, at 12,176.05 * Enbridge up 2.2 pct after proposing pipeline expansion By Alastair Sharp TORONTO, Dec 7 (Reuters) - Economically sensitive resource shares led Canada's main stock index higher on Friday after data showed unexpectedly strong growth in employment in both the United States and Canada in November. In Canada, a higher-than-expected 59,300 jobs were added, with the bulk of hiring coming in full-time positions and in the private sector, Statistics Canada said. In the United States, Canada's main trading partner, a bumper 146,000 jobs were created last month, though a drop in the unemployment rate suggested some people gave up the search for work. "Getting the two reports today is really a pointed reminder to investors that while there is a tremendous amount of uncertainty in Washington, the economy continues to chug along," said Cr a ig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri. At 10:06 a.m. (1506 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 24.92 points, or 0.21 percent, at 12,176.05. Global markets have in recent weeks been buffeted by concern over setbacks in negotiations to fix the U.S. "fiscal cliff" budget crisis, which, if not resolved, could push the country back into recession. "It's not lights out but it is supportive of stronger market performance over time," Fehr said of the employment data. "That being said, it would be naive to assume that the fiscal cliff drama isn't going to continue to be the primary, very short-term, market driver." Companies most attuned to economic signals, including miners and energy companies, saw the biggest gains on Friday. Barrick Gold Corp was up 1 percent at C$33.44, and Goldcorp Inc rose 0.9 percent to C$36.79 as bullion prices rebounded. Pipeline operator Enbridge Inc gained 2.2 percent to C$40.86 after proposing a C$6.2 billion expansion of its oil pipeline system, aimed at moving surging volumes of light crude from Western Canada and the North Dakota Bakken to refineries in the eastern part of the continent and U.S. Midwest. Crescent Point Energy Corp, which produces shale light oil in that region and would benefit from improved access to markets, gained 1.8 percent to C$36.82. Glencore International Plc received approval from China's Ministry of Commerce for its C$6.1 billion acquisition of Canadian grain handler Viterra Inc, clearing another regulatory hurdle for the long-delayed deal. Investors are watching for progress on two other acquisitions of Canadian resource companies as a deadline approaches for Ottawa to either approve or reject bids from China's CNOOC Ltd for Nexen Inc and Malaysia's Petronas for Progress Energy Resources Corp.
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