October 8, 2010 / 8:54 PM / 7 years ago

CANADA STOCKS-TSX climbs on resource-driven rally

   * TSX up 89.66 points, or 0.72 percent, to 12,535.59
 * Eight of the 10 key sectors higher or flat
 * Suncor, Potash, Agrium, Teck Resources, Barrick lead
 (Updates to close)
 By Solarina Ho
 TORONTO, Oct 8 (Reuters) - Toronto’s main index finished higher on Friday stronger resource prices helped resource stocks and weak jobs data in the United States and Canada supported speculation the central banks would keep trying to stimulate the North American economy. [ID:nN08205203]
 The heavily weighted materials and energy sectors were up 1.8 percent and 1.3 percent respectively.
 Fertilizer producer Potash Corp (POT.TO) led the miners, up 2.8 percent at C$147.50, while Agrium Inc (AGU.TO) jumped 7.1 percent to C$82.12. Both companies were helped as corn prices that rose on news that the U.S. government was estimating the smallest inventory at the end of the crop year in 15 years. [ID:nN08221292]
 The S&P/TSX composite index .GSPTSE rose 89.66 points, or 0.72 percent, to 12,535.59. Seven of its 10 key sectors were higher, while telecoms stocks were flat. The index rose about 1.7 percent for the week.
 “Driving that ... like it has been in the past few weeks, has been a little bit of weakness in the trade-weighted dollar, which has just been falling day after day after day,” said Gareth Watson, a Canadian equity advisor with the Portfolio Advisory Group at ScotiaMcLeod.
 “It was driven mostly by currency movements and the corresponding response by commodity prices to that.”
 The price of gold, already up about 10 percent since the end of August, climbed 1 percent as weak U.S. jobs data drove investors toward the safe haven precious metal. [MET/L]
 Barrick Gold (ABX.TO) a top market mover, was up 1.2 percent at C$49.08.
 Oil prices were also fueled by the weaker dollar, amid expectations the U.S. Federal Reserve would act to boost the economy following the weaker-than-expected jobs report.
 Suncor Energy (SU.TO) rose 2.8 percent, ending the session at C$35.04.                                         

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