CANADA STOCKS-TSX gains on surge in golds, U.S. jobs data
* TSX rises 85.35 points, or 0.67 percent, to 12,821.39 * Nine of 10 main index sectors advance * Materials group climbs 2.5 percent * Torstar shares fall about 9 percent on results, outlook By John Tilak TORONTO, March 6 (Reuters) - Canada's main stock index rose on Wednesday with gold-mining shares leading the way on higher gold prices and sentiment getting a boost from data showing robust U.S. private-sector hiring, which bolstered hopes for a global economic recovery. U.S. private employers added a larger-than-expected 198,000 jobs in February, a report by a payrolls processor showed. The market was also encouraged by comments from central bankers around the world indicating they are likely to stick to their easy monetary policies. "No one is taking the punch bowl away yet," said Paul Hand, managing director at RBC Capital Markets. "In the short term, investors aren't worried about any dramatic shift in interest rate policy or liquidity positions." "You've got the fragile economy in the U.S. and in Europe you have an economy ranging from barely moving forward to still looking for a bottom," he added. In Canada, the central bank softened its stance on the need for interest rate hikes on Wednesday, saying it will likely hold its benchmark rate steady for "a period of time" but that its next move would still probably be a hike rather than a cut. The Toronto Stock Exchange's S&P/TSX composite index was up 85.35 points, or 0.67 percent, at 12,821.39. Nine of the 10 main sectors on the index were higher. The materials sector, which includes mining stocks, made the biggest gains, climbing 2.5 percent, aided by a rise in gold prices. Goldcorp Inc added 3.7 percent to C$34.10, and Barrick Gold Corp was up 2.9 percent to C$30.16. Energy shares gained 0.7 percent, with Suncor Energy Inc rising 1.2 percent to C$31.21. In company news, Torstar Corp, publisher of the Toronto Star, Canada's largest daily newspaper, cut 67 jobs and said it would rein in costs in 2013 as it reported a big drop in quarterly profit and said the revenue outlook for its main media business was uncertain. The stock shed 9.1 percent to C$7.20.
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