CANADA STOCKS-TSX steadies after Japan quake rattles markets

Fri Mar 11, 2011 11:38am EST
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   * TSX up 25.63 points at 13,664.21
 * Commodity shares turn positive after Japan quake
 * Canada jobs data weaker than expected
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, March 11 (Reuters) - Toronto's resource-heavy
stock index steadied after early volatility on Friday morning
as investors bought beaten-down stocks and the market regrouped
after an initial selloff in reaction to the huge earthquake in
 Ater four straight days of losses, the index bounced back
as oil, gold and base-metal prices recouped some losses and
bargain-hunters jumped into hard-hit commodity producers.
 The energy sector was up 0.1 percent, while gold and base
metal miners also reversed earlier declines, sending the
index's heavyweight materials group up 1.2 percent.
 "There's obviously going to be some sort of rebuilding
effort (in Japan). At the margin, it's going to be more demand
for basic materials," said Ian Nakamoto, director of research
at MacDougall, MacDougall & MacTier, noting that
forest-products producers were all up sharply following the
Japan quake.
 At 11:20 a.m. (1620 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 25.63 points, or 0.19
percent, at 13,664.21. Six of the index's 10 main sectors were
weaker, with financials down 0.2 percent on softer than
expected Canadian jobs data for February, which also sent the
Canadian currency lower. [ID:nN11228750]
 Bank of Montreal BMO.TO was down 0.3 percent at C$61.47,
while Bank of Nova Scotia BNS.TO slid 0.5 percent to
 Among the lead gainers, Teck Resources TCKb.TO rallied
2.3 percent to C$50.79, and Barrick Gold Corp ABX.TO advanced
1.3 percent to C$49.78.
 "Bargain-hunters are coming in ... part of it has to do
with that we've been down pretty sharply yesterday and the past
few days. (They're) looking for some sort of rebound," Nakamoto
 ($1=$0.98 Canadian)
 (Reporting by Claire Sibonney; editing by Rob Wilson)