CANADA STOCKS-TSX boosted by firm GDP data, copper prices

Mon Mar 1, 2010 5:26pm EST
 
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* TSX ends up 98.43 points at 11,728.06

* Miners, energy producers, banks gain (Adds quotes, details)

By Claire Sibonney

TORONTO, March 1 (Reuters) - Toronto's main stock index closed higher on Monday as industrial and bank shares were boosted by stellar North American economic data and mining stocks benefited from surging copper prices resulting from Chile's massive earthquake.

Miners and energy producers were among the index's top gainers with Teck Resources (TCKb.TO: Quote) up 3.2 percent at C$39.94, and EnCana Corp (ECA.TO: Quote) adding 2.4 percent to C$35.31.

Industrials were up 1.3 percent after Canada reported sizzling fourth-quarter economic growth and U.S. consumer spending rose for a fourth straight month. [ID:nN01242801] [ID:nN01245103]

"Most stocks that are economic-sensitive are seeing some decent returns and that ties into the data, which really points to a cyclical recovery," said Youssef Zohny, who helps oversee C$45 million ($43.3 million) in funds as an associate portfolio manager at Van Arbor Asset Management in Vancouver.

Also part of the cyclicals story, financials gained as well.

National Bank of Canada (NA.TO: Quote), up 2.5 percent at C$61.74, and Canadian Imperial Bank of Commerce (CM.TO: Quote), up 1.3 percent at C$70.93, were among the top gainers after both of the country's biggest banks reported a rise in quarterly profits last week.   Continued...