CANADA STOCKS-China data, Potash Corp push TSX higher

Mon Sep 9, 2013 11:45am EDT
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* TSX rises 23.57 points, or 0.18 percent, to 12,844.49
    * Eight of the 10 main index sectors advance
    * BlackBerry climbs about 5 percent after buyout report

    By John Tilak
    TORONTO, Sept 9 (Reuters) - Canada's main stock index
advanced on Monday after positive Chinese data lifted shares of
commodity producers on optimism that China's economy may be set
for stronger growth.
    Among the top gainers, fertilizer producer Potash Corp
 added 5.5 percent on market speculation that a
resolution might be in sight for a dispute with Russia that
split the Belarus potash consortium, a development that could
herald higher potash prices.
    "The rebound (in Potash Corp) may be a reflection of people
thinking that the Russians may not engage in a price war," said
Gavin Graham, chief strategy officer at Integris Pension
Management Corp.
    BlackBerry climbed 4.6 percent after a report that
an investor, Fairfax Financial, was closing in on a
rescue deal for the smartphone maker. 
    Data on Monday showed Chinese export growth topped
expectations in August. That complemented recent
data signaling slightly improving conditions in the United
States, with investors expecting the U.S. Federal Reserve might
soon began dialing back its stimulus measures. 
    "The economy is growing strongly enough in North America to
have the Fed talking about tapering their quantitative easing
support," Graham said.
    "The numbers we've seen, whether it's Canadian or the U.S.,
seem to indicate that all the stimulus that they've pumped in
has led to a rebound, whether it is U.S. housing, auto sales or
even commodity prices," he added. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 23.57 points, or 0.18 percent, at 12,844.49. 
    Eight of the 10 main sectors on the index were higher. 
    The materials sector, which includes mining stocks, climbed
0.3 percent, with gains in Potash offsetting a decline in gold
    Potash shares jumped to C$33.10 and had the biggest positive
influence on the market.
    Goldcorp Inc lost 1.3 percent to C$30.16, and
Eldorado Gold Corp gave back 3 percent to C$8.51.  
    Shares of energy companies added 0.4 percent. Suncor Energy
Inc rose 0.6 percent to C$36.89.
    Financials, the index's most heavily weighted sector, gained
0.2 percent. Toronto-Dominion Bank was up 0.4 percent at
C$91.53, and Manulife Financial Corp, rose 0.9 percent
to C$17.85.
    BlackBerry advanced to C$11.81, pushing the information
technology sector up 0.8 percent.