April 9, 2010 / 2:50 PM / in 7 years

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

*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), Canada’s biggest oil company, rose 0.6 percent to C$35.56, while natural gas major EnCana Corp (ECA.TO) jumped 1.4 percent to C$32.56.

“Oil seems maybe to have topped out here although it’s up a little bit today. Gold seems to be the best, and some of the other metals, copper and so on have shown good strength,” Kinsey added.

The market seemed unfazed by data on Friday that showed fewer Canadians returned to work in March than expected. The unemployment rate was unchanged at 8.2 percent. [ID:nN09253705]

At 10:29 (1429 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 48.22 points, or 0.4 percent, at 12,163.66. Seven of the 10 sectors were higher.

Shares of Research In Motion RIM.TO gained 0.4 percent to C$70.11, after the BlackBerry maker said it will acquire QNX Software unit from Harman International. [ID:nWNAB7396]

Shaw Communications (SJRb.TO) rose 0.6 percent to C$19.79 even though the company posted an 11 percent fall in quarterly earnings, missing the market view by a whisker, but revenue beat estimates. [ID:nN07120046]

$1=$1.01 Canadian Reporting by Claire Sibonney, editing by Peter Galloway

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