CANADA STOCKS-TSX edges higher on miners, industrials

Thu Dec 9, 2010 5:11pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX rises 14.94 points, or 0.11 percent, to 13,166.94
 * Lululemon soars 14.6 percent after results
 (Adds details, comments)
 TORONTO, Dec 9 (Reuters) - Toronto's main stock index ended
slightly higher on Thursday as mining and materials issues led
an otherwise sideways market.
 Heavily weighted materials stocks rallied late to finish
the session up 0.43 percent, rebounding from sharp drops in the
previous two sessions.
 "Golds had fallen off quite precipitously in the last
couple of days, so we're seeing buying coming in to a number of
those names," said Elvis Picardo, strategist at Global
 Iamgold (IMG.TO: Quote) rose 2.5 percent to C$17.13, while copper
producer Inmet Mining IMN.TO climbed 5.2 percent to C$74.91.
 The S&P/TSX composite index .GSPTSE ended the session up
14.94 points, or 0.11 percent, at 13,166.94. All told, six of
the TSX's main sectors finished higher.
 Industrials stocks gained 0.31 percent, helped by strength
among railroads. Canadian National Railway (CNR.TO: Quote) climbed 1.2
percent to C$67.32, while Canadian Pacific (CP.TO: Quote) gained 1.2
percent to C$65.25.
 Among individual stocks, yoga-wear retailer Lululemon
Athletica Inc LLL.TO soared 14.6 percent to C$64.23, after it
reported its net profit nearly doubled in the third quarter and
it forecast more growth ahead. [ID:nN09219897]
 In the absence of major Canadian economic data, the market
took its early cue from U.S. jobless claims, which fell more
than expected last week, reviving hopes that a labor market
recovery is under way. [ID:nN09222654]
 "There's optimism there. I don't think we're out of the
woods -- definitely not -- but the trend seems to be wanting to
indicate that maybe we've seen the worst of it at this point,"
said Serge Pepin, head of investments at BMO Investments Inc.
 The index touched a two-year high on Tuesday, and is set to
end the year with double-digit percentage gains despite
uncertainty about the global economy.
 "I think we'll probably have one more week of quasi-normal
trading, and then it pretty much shuts down, apart from
year-end window dressing from mutual funds," said John Kinsey,
a portfolio manager at Caldwell Securities.
 The only sector to show notable weakness was the small
healthcare group, which fell 0.88 percent, as SXC Health
Solutions SXC.TO retreated 1.0 percent to C$44.87.
 ($1=$1.01 Canadian)
 (Reporting by Cameron French; editing by Rob Wilson)