CANADA STOCKS-Gold miners pull TSX higher, offset weak jobs data

Fri Nov 6, 2009 5:03pm EST
 
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 * TSX up 69.72 points at 11,250.42
 * Gold miners pull index out of early selloff
 * Canada, U.S. jobs data disappoints
 * Index finishes up 3.1 pct on the week
 (Adds details)
 By Jennifer Kwan
 TORONTO, Nov 6 (Reuters) - Toronto's main stock index ended
higher for a fourth straight session on Friday as gold miners
rallied on a record high bullion price, offsetting weak jobs
data that fueled worry about the economy's recovery.
 Shares of Barrick Gold Corp ABX.TO, one of the biggest
contributors to the TSX's rise, were up 3.1 percent at C$44.83,
while Goldcorp G.TO shares rose 3 percent to C$44.48.
 The price of gold extended gains to hit a record high above
$1,100 per ounce on Friday, due largely to a weak U.S. jobs
report. [GOL/] The U.S. jobless rate unexpectedly jumped to a
26-1/2 year high of 10.2 percent last month. [ID:nN06178752]
 "Gold is reacting to the bad news this morning that the
unemployment rate in the U.S. is above expectations. Everyone
is focusing on the fragility of the recovery," said Michael
Sprung, president at Sprung & Co. Investment Counsel.
 Gold hit the record high shortly after markets opened and
allowed the resource-heavy TSX to reverse an early selloff that
was blamed on weak U.S. and Canadian jobs reports.
 Canada lost 43,200 jobs in October, more than even the
gloomiest analyst had predicted, dashing hopes for a quick
economic rebound. [ID:nN06253705]
 Both reports sent the TSX down as much as 82 points before
gold spearheaded a quick move to higher territory.
 The S&P/TSX composite index .GSPTSE finished the day up
69.72 points, or 0.62 percent, at 11,250.42, with eight of its
10 main groups higher. The index was up 3.1 percent on the
week.
 Another bright spot on the market was Magna International
Inc MGa.TO, said Fred Ketchen, director of equity trading at
ScotiaMcLeod.
 The stock surged 14.2 percent or C$53.76 on Friday, which
helped to lift the broader consumer discretionary group by 2.3
percent.
 Magna shares surged a day after it posted a surprise
quarterly profit and said it would focus on its core auto-parts
business after the collapse of its deal to buy a stake in
General Motors Co's [GM.UL] Opel unit. [ID:nN06190806]
 The blue chip S&P/TSX 60 index .TSE60 closed 4.49 points,
or 0.68 percent, higher at 667.31.
 ($1=$1.08 Canadian)
 (Reporting by Jennifer Kwan; editing by Jeffrey Hodgson)