CANADA STOCKS-TSX edges up in choppy trade on mixed US data

Fri Jun 11, 2010 10:54am EDT
 
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*TSX up 42.45 points at 11,678.30

*Resources lead index higher (Updates with details, adds quotes)

By Claire Sibonney

TORONTO, June 11 (Reuters) - Toronto's main stock index edged higher on Friday on the back of rebounding commodity prices but trading was volatile following mixed U.S. economic data.

Sales at U.S. retailers fell unexpectedly in May, the first drop since September, on a record decline in purchases of building materials, adding to fears that the economic recovery is losing some steam. [ID:nN11114277]

U.S. consumer sentiment, however, improved in early June to its strongest level in nearly 2-1/2 years, bolstered by hopes of better job and credit conditions. [ID:nN11121462]

Firm copper prices boosted the Toronto index's base-metal miners 1.2 percent. Teck Resources TCKb.TO jumped 2.1 percent to C$34.91, and First Quantum Minerals (FM.TO: Quote) added 0.1 percent to C$55.50.

"You saw fairly weak retail sales out of the U.S. It was surprising to see the market come off and then bounce right back up," said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.

"A lot of the commodities and commodity stocks got a bit oversold with some economic concerns out of Europe, but it seems like Asia is helping support the commodity space at the moment," he added.   Continued...