CANADA STOCKS-TSX rebounds as natural resources make gains

Thu Aug 15, 2013 2:38pm EDT
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* TSX rises 39.96 points, or 0.32 percent, to 12,680.35
    * Six of the 10 main index sectors decline
    * Goldcorp has biggest positive influence on the market
    * Telecoms providers jump on report of Verizon delay

    By John Tilak
    TORONTO, Aug 15 (Reuters) - Canada's main stock index
reversed course on Thursday to trade higher as strong commodity
prices boosted shares of energy and materials companies and
offset uncertainty over how soon the U.S. Federal Reserve will
scale back its stimulus measures.
    Advances in the telecommunications sector also provided
support after a report that U.S. giant Verizon Communications
Inc might delay its entry to Canada. The news lifted
Canada's dominant wireless players: Rogers Communications Inc
, Telus Corp and BCE Inc.
    Investors interpreted positive U.S. economic data on
Thursday as a sign that the wind-down of the Fed stimulus
program is imminent. Figures showed that the number of Americans
filing new claims for jobless benefits fell to near a six-year
low last week and consumer prices rose broadly in July.
    "It's not a question of if but when," said John Ing,
president of Maison Placements Canada. "There's no consensus
other than the fact that it's going to happen."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 39.96 points, or 0.32 percent, at 12,680.35.
Six of the 10 main sectors on the index were in the red.
    A soaring bullion price fueled a 5 percent jump in shares of
gold miners and helped lift the materials group 3.6 percent.    
     Goldcorp Inc shot up 6.6 percent to C$32.36 and had
the biggest positive influence on the market; Barrick Gold Corp
 added 6.1 percent to C$20.45. 
    Energy producers climbed almost 1 percent, helped by
advances in oil prices and in shares of Suncor Energy Inc
    Suncor, whose shares rose 2.6 percent to C$34.68, benefited
from a regulatory disclosure showing Berkshire Hathaway Inc
 had taken a new stake in Canada's biggest energy
    Telecoms stocks jumped 2.9 percent. Telus gained 5 percent
to C$32.28, Rogers was up 4.7 percent at C$42.31, and BCE
climbed 1.8 percent to C$42.55.
    But financials, the index's most heavily weighted sector,
gave back 0.7 percent. Toronto-Dominion Bank lost 0.6
percent to C$86.70, and Royal Bank of Canada fell 0.2
percent to C$63.78.
    The industrials group slid 0.6 percent, with Canadian
National Railway Co down 0.3 percent at C$100.89.