CANADA STOCKS-TSX gains on commodities, shrugs off jobs data

Fri Apr 9, 2010 10:49am EDT
 
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*TSX up 0.4 percent to 12,163.66

*Materials, energy lead index higher

By Claire Sibonney

TORONTO, April 9 (Reuters) - Toronto's main stock index extended gains on Friday morning as a rise in commodity prices boosted heavily weighted resource shares.

The index's materials group rose 1.1 percent as gold hit three-month highs in Europe, while copper neared the key $8,000 level as investors cheered buoyant U.S. economic data and bet that top consumer China may soon revalue its currency. [GOL/] [MET/L]

Shares of Barrick Gold Corp, the world's biggest gold producer, gained 0.7 percent to C$41.41, while base metals miner Teck Resources shot up 1.7 percent to C$45.97.

"Gold seems to be the feature. It's helping the gold stocks but they still are lagging quite a bit behind the price of the metal, maybe they will catch at some stage here," said John Kinsey, portfolio manager at Caldwell Securities.

Oil rose to around $86 a barrel, within sight of 18-month highs, propping the energy sector up 0.7 percent.

Shares of Suncor Energy Inc (SU.TO: Quote), Canada's biggest oil company, rose 0.6 percent to C$35.56, while natural gas major EnCana Corp (ECA.TO: Quote) jumped 1.4 percent to C$32.56.   Continued...