CANADA STOCKS-TSX on track for 3rd straight 1 pct weekly gain

Fri Oct 25, 2013 10:58am EDT
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* TSX up 17.56 points, or 0.13 percent, at 12,342.31

* Gold miners pull back after recent strong gains

* Energy and financial stocks push ahead

By Alastair Sharp

TORONTO, Oct 25 (Reuters) - Canada's main stock index made minor gains on Friday, with higher energy and financial stocks more than offsetting a pullback in gold miners and other materials stocks.

Gold miners, which made strong gains a day earlier driven by strong results and higher bullion prices, pulled back. Goldcorp Inc slipped 0.8 percent to C$27.55 and Barrick Gold Corp was off 0.9 percent at C$20.78.

Gold producers have made strong gains in recent weeks on rising expectations that the U.S. Federal Reserve will stick with its monetary stimulus for longer.

John Ing, president of Maison Placements Canada, said a valuation metric of market capitalization per ounce of reserves showed many of the largest gold miners were still undervalued.

The Toronto Stock Exchange's S&P/TSX composite index is on track for its third straight weekly gain of at least 1 percent. It was up 17.56 points, or 0.13 percent, at 12,342.31 by midmorning.   Continued...