CANADA STOCKS-TSX gains for fifth week as resource shares soar

Fri Nov 14, 2014 4:34pm EST
 
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* TSX rises 64.33 points, or 0.44 percent, to 14,843.10
    * Seven of the 10 main index sectors advance
    * Gold miners jump 5.6 percent

    By John Tilak
    TORONTO, Nov 14 (Reuters) - Canada's main stock index
advanced on Friday, recording its fifth straight weekly gain as
natural resource shares jumped on the back of surging commodity
prices, while bullish U.S. economic data provided further
support.
    U.S. retailers reported stronger-than-expected sales for
October, a positive sign for the world's biggest economy.
 
    Energy shares received help from a rise in oil prices, which
have been under pressure since June, while shares of gold miners
benefited from a 2.3 percent jump in the price of bullion.
    "It's not a bad idea to go fishing for some quality assets
that have been beaten up a little," said Adrian Mastracci,
portfolio manager at KCM Wealth Management.
    "The sectors that jump out are the commodity producers, gold
and oil, just because they've fallen from their highs," he
added. "For those investors who want to have a sprinkle of oil
and a sprinkle of gold, this is probably not a bad time to do
it."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed 64.33 points, or 0.44 percent, higher at
14,843.10. Seven of the 10 main sectors on the index rose.
    Among oil and gas shares, Talisman Energy Inc rose
1.4 percent to C$6.41 and Encana Corp climbed 2.4
percent to C$20.21.
    The gold-mining sector shot up 5.6 percent on the higher
bullion price. Goldcorp Inc added 5.2 percent to
C$23.04, and Barrick Gold Corp gained 5.5 percent to
C$13.83.
    ($1=$1.13 Canadian)

 (Editing by Nick Zieminski; and Peter Galloway)