CANADA STOCKS-Golds push TSX higher as U.S. impasse persists
* TSX rises 37.62 points, or 0.30 percent, to 12,796.29 * Eight of 10 main index sectors advance * Gold producers jump 1.3 percent * Goldcorp, Barrick have biggest positive influence on market By John Tilak TORONTO, Oct 7 (Reuters) - Canada's main stock index edged higher on Monday as the uncertainty surrounding an extended U.S. government shutdown spurred the bullion price and lifted gold-mining stocks. The bullion jumped to a one-week as investors placed bets on the commodity that is seen as a safe haven during volatile times. The shutdown neared its second week and highlighted a political standoff over U.S. debt and budget levels. It did not appear that there was a resolution on the horizon, and U.S. lawmakers braced for an Oct. 17 deadline to increase the country's borrowing power or risk default. While the Toronto market did better than the S&P 500, its gains were capped by declines in the energy sector. "Our market isn't going anywhere in particular," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "And we won't go anywhere as long as we've got this overhang in the United States." "Eventually they'll come to some agreement," he added. "But there's no way the market is going to take off until there is some resolution to this problem." The Toronto Stock Exchange's S&P/TSX composite index was up 37.62 points, or 0.30 percent, at 12,796.29. Eight of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, climbed 0.2 percent. Royal Bank of Canada, the country's biggest lender, rose 0.5 percent to C$66.60; Toronto Dominion Bank was up 0.5 percent at C$91.74. A 1.3 percent jump in gold producers helped boost the materials sector, which includes mining stocks. The price of bullion rose more than 1 percent. "As long as there is this nervous atmosphere overhanging the market, gold is going to be the center of attraction," Ketchen said. Barrick Gold Corp added 0.9 percent to C$18.71, and Goldcorp Inc climbed almost 1 percent to C$25.96. The two stocks had the biggest positive influence on the market. Energy shares slipped slightly, with the price of oil weighing on the group. Encana Corp slipped 0.3 percent to C$17.64.
© Thomson Reuters 2017 All rights reserved.