CANADA STOCKS-TSX posts 1st weekly gain in 8 weeks

Fri Apr 20, 2012 4:34pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX ends down 6.41 points at 12,147.28
    * TSX closes week up 0.9 percent
    * First weekly gain in 8 weeks

    By Claire Sibonney	
    TORONTO, April 20 (Reuters) - Toronto's main stock index
ended little changed o n F riday but racked up its first weekly
gain in eight weeks on improving sentiment about the domestic
and global economies.	
    Performance on Friday was mixed, with six of the 10 in
negative territory. On the downside, Barrick Gold fell
1.9 percent to C$39.96, Suncor Energy lost 1.4 percent
to C$30.99 and Bank of Nova Scotia slipped 0.5 percent
to C$54.75.	
    Key names on the upside included Potash Corp, up
1.1 percent to C$43.61, Cameco Corp, which jumped 4.5
percent to C$22.01, and Enbridge Inc, up 0.9 percent to
    "We actually outperformed the S&P marginally this week, so
all in all it has not been a bad week," said Elvis Picardo,
strategist and vice-president of research at Global Securities
in Vancouver. 	
    Helping global confidence on Friday, an improvement in
German business sentiment countered nervousness about the euro
zone debt crisis and solid North American corporate results
propelled what has been a mostly positive earnings season. 	
    The encouraging tone in markets started earlier in the week
after the Bank of Canada sounded more hawkish than expected,
raising its economic growth forecasts for the first three
quarters of 2012. 	
    The International Monetary Fund also said global growth is
slowly improving as the U.S. recovery gains traction and dangers
from Europe recede. 	
    "Both (the Bank of Canada and the IMF) struck a slightly
positive note ... both of them gave grounds for encouragement to
investors," added Picardo.	
    "Anything that hints to improving global growth prospects
tends to reflect well on the TSX."	
    The Toronto Stock Exchange's S&P/TSX composite index
 ended down 6.41 points, or 0.05 percent, at 12,147.28.
For the week, the index was up 0.9 percent, following a
seven-week fall.	
    "Some people are starting to look at some of these commodity
stocks, they feel they've been oversold the last few weeks and
they're starting to pick some entry levels in them," said Bruce
Latimer, trader at Dundee Securities.	
    On the data front on Friday, the influential German Ifo
survey unexpectedly rose for the sixth month in a row in April
in a sign that Europe's largest economy continues to outpace
peers and shrug off persistent worries about the euro zone debt
    In individual company news, Canadian Pacific Railway
, Canada's second-biggest railway, which is fighting a
proxy battle with its biggest shareholder, rose 0.6 percent to 
C$76.45 after reporting soaring profit and efficiency gains.
   In the United States, the S&P 500 was buoyed by solid
earnings from McDonald's, General Electric and