CANADA STOCKS-TSX hits one-month high as resource shares soar

Fri Nov 7, 2014 5:09pm EST
 
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* TSX up 127.45 points, or 0.88 percent, at 14,690.83
    * Six of the 10 main index sectors decline
    * Gold miners jump 7.3 pct, energy shares rise 2.7 pct

    By John Tilak
    TORONTO, Nov 7 (Reuters) - Canada's main stock index jumped
to its highest level in a month on Friday as shares of natural
resource producers rebounded with commodity prices, while strong
Canadian jobs data boosted overall sentiment.
    Canada unexpectedly added 43,100 jobs in October and the
unemployment rate dropped to a near six-year low of 6.5 percent.
 
    South of the border, it was a mixed picture as data showed
that U.S. jobs growth missed expectations in October, but the
unemployment rate dropped to a six-year low. 
    The benchmark TSX index has been recovering from the equity
market pullback last month. It recorded its third straight daily
gain on Friday and was up for a fourth consecutive week.
    "It looks like we've absorbed that sharp selloff in October
and things are slowly getting back to normal," said Elvis
Picardo, strategist and vice president of research at Global
Securities in Vancouver.
    "There's no fundamental news to account for the big snapback
in energy and materials shares except for the fact that they
were very sharply sold off," he added. "So you're seeing good
buying interest coming in at these levels."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 127.45 points, or 0.88 percent, at 14,690.83.
Six of the 10 main sectors on the index were in the red,
however.
    Shares of energy producers jumped 2.7 percent. In the group,
Canadian Natural Resources Ltd gained 2.8 percent to
C$40.87, and Suncor Energy Inc was up 1.8 percent at
C$39.19.
    The gold-mining sector advanced 7.3 percent, reflecting
stronger bullion prices. Barrick Gold Corp added 6.3
percent to C$13.79, and Goldcorp Inc rose 6.9 percent to
C$22.68.
    Shares of BlackBerry Ltd rose 1.6 percent after a
major Canadian pension fund disclosed that it had significantly
raised its holding in the company, a sign of belief in the
smartphone maker's turnaround.
    The Ontario Teachers Pension Plan Board said in a regulatory
filing that it had boosted its stake in BlackBerry to 8.23
million shares in the third quarter, giving the fund a 1.56
percent stake. The fund had owned 439,500 shares in the company
as of the end of the second quarter. 
    Shares of Cameco Corp surged 11 percent to C$21.24,
rising with other uranium producers such as Paladin Energy
, UR-Energy and Uranerz Energy Corp,
after Japan moved closer to restarting two nuclear reactors.
 
    Japan's nuclear-power industry has been stalled for more
than three years after the Fukushima disaster led to the
shutdown of its fleet of reactors.
    ($1=$1.13 Canadian)

 (With reporting by Euan Rocha in Toronto and Rod Nickel in
Winnipeg; Editing by James Dalgleish and Peter Galloway)