CANADA STOCKS-Gold miners, banks help TSX rebound

Thu Mar 15, 2012 10:44am EDT
 
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* TSX up 95.86 points, or 0.8 pct, at 12,473.76

* All 10 sectors stronger

By Claire Sibonney

TORONTO, March 15 (Reuters) - Canada's main stock index surged about 100 points higher on Thursday after a choppy start, helped by a stream of U.S. data that signaled the economy of Canada's largest trading partner continues to mend and by stabilizing commodity prices.

Among the top gainers were financials, up 0.7 percent, and recently pummeled gold mining shares, up 1.2 percent.

Barrick Gold rose 2.1 percent to C$43.77, while Bank of Nova Scotia climbed 0.9 percent to C$54.73.

Gold prices edged up after shedding nearly 2 percent in the previous session as growing investor optimism on the outlook for the U.S. economy boosted the greenback and riskier assets like stocks at the expense of the safe-haven precious metal.

"Gold really got trashed yesterday here and the gold stocks have been under pressure ... today they're kind of trying to rally a little bit as might be expected," said John Kinsey, portfolio manager at Caldwell Securities.

"The financials, here again, are wanting to do a little bit better, which is good because they came off with maybe a little bit of profit-taking earlier this week as well. But it's a long war and it's March break and quadruple witching, so there are things going on, but on balance it's been pretty ho-hum."   Continued...