CANADA STOCKS-TSX climbs as gold-mining and energy shares rally

Thu Apr 18, 2013 11:31am EDT
 
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* TSX rises 57.79 points, or 0.48 percent, t0 12,005.08
    * Six of 10 main index sectors advance
    * Gold miners climb about 2 percent on higher gold prices

    By John Tilak
    TORONTO, April 18 (Reuters) - Canada's main stock index
advanced in choppy trade on Thursday, recovering from a selloff
to a five-month low the day before as a spike in commodity
prices fueled gains in energy and gold-mining shares.
    Gold prices jumped as their recent sharp drop triggered a
spate of buying of gold bars and coins, and Brent crude oil
snapped a six-session losing streak as dealers said it looked
oversold.   
    The gains on the TSX index were kept in check by U.S.
economic data. Growth in factory activity in the U.S.
mid-Atlantic region fell unexpectedly in April, and the
Conference Board said its Leading Economic Index dropped 0.1
percent. 
    The Toronto index is still down about 3.4 percent since the
start of the year.
    "The market remains very volatile," said Irwin Michael,
portfolio manager at ABC Funds. "There's so much negativity
baked in the market that people would view the glass as half
empty rather than half full."
    "We're waiting for a catalyst to enable investors to come
back in and put their little toe in the water and buy a few
things that have perhaps been oversold," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 57.79 points, or 0.48 percent, at 12,005.08.
Six of the 10 main sectors of the index were higher.
    The materials sector, which includes mining stocks, added
1.6 percent, helped by a 2 percent jump in gold stocks. 
    Bullion prices, which earlier this week recorded their
biggest-ever fall, were up 1.3 percent.
    Goldcorp Inc added 2.5 percent to C$28.65, and
Barrick Gold Corp gained 2.2 percent to C$18.56.
    Energy shares were up 0.9 percent, with oil prices rising. 
    Financials, the index's most heavily weighted sector, gave
back 0.2 percent.