CANADA STOCKS-TSX rises as higher golds outweigh jobs data

Fri Aug 6, 2010 10:39am EDT
 
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*TSX up 29.14 points, or 0.25 percent, at 11,803.91

*Strong golds help TSX higher

*Financials, energy sector weaken after jobs data (Adds details, quote)

TORONTO, Aug 6 (Reuters) - Toronto's main stock index rose on Friday morning as strong gold prices helped to push up its resource-laden materials sector.

Gold prices rose to their highest level in three weeks as weak U.S. economic data knocked the greenback lower. [FRX/] Barrick Gold Corp ABX.TO rose 2.6 percent to C$44.58, while fellow gold miner Agnico-Eagle AEM.TO climbed 2.8 percent to C$61.26.

The materials sector as a whole was up 1.9 percent, Also helping to give it a push up was fertilizer company Potash Corp POT.TO, which climbed 1.3 percent to C$117.46.

At 10:08 a.m. (1408 GMT) the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 29.14 points, or 0.25 percent, at 11,803.91, with half of its 10 sectors higher.

The move higher was limited by investor caution as the market digested weaker than expected Canadian and U.S. jobs data.

Canada's economy unexpectedly shed 9,300 jobs in July, the first month this year it has failed to create employment, suggesting the country's recovery from recession is starting to slow. Analysts had expected a rise of 15,000 jobs. [ID:nN06197942]   Continued...