CANADA STOCKS-TSX surges on gold miners, Greek hopes

Thu Feb 16, 2012 5:39pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX ends up 123.56 pts, or 1 pct, at 12,485.59

* Largest one-day jump since Jan. 25

* Gold miners, energy issues lead gains

* U.S. data, Greek deal hopes lift sentiment

By Jon Cook

TORONTO, Feb 16 (Reuters) - Canadian stocks notched their biggest single-day gain this month on Thursday as gold-mining earnings, higher oil prices and strong U.S. economic data boosted resource shares, while euro-zone debt fears eased.

Fourth-quarter earnings from Canada's top gold producers initially failed to excite, but on closer inspection sharp dividend increases by Kinross Gold and Agnico-Eagle won over investors. Kinross and Agnico shares both jumped 7 percent to C$11.07 and C$36.57 respectively.

"You look at the valuations and they appear to be cheap," said Joe Tatusko, chief investment officer at brokerage firm Westport Resources in Connecticut. "Any sliver of good news is going to have these guys move."   Continued...