CANADA STOCKS-TSX climbs as gold stocks, Suncor rise

Fri Nov 13, 2009 4:24pm EST
 
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 * TSX up 46.92 points at 11,407.68
 * Index up 1.4 percent for the week
 * Suncor budgets C$5.5 bln for 2010 capex
 (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Nov 13 (Reuters) - Toronto's main stock index
finished higher on Friday as stronger bullion prices pushed up
shares of miners like Barrick Gold ABX.TO and Goldcorp
G.TO.
 Barrick, the top influential advancer on the index, rose
1.9 percent to C$45.10, while Goldcorp G.TO was also up 1.9
percent at C$46.25 as the price of bullion traded within
striking distance of its record high. [GOL/]
 "The action on the upside is being led by the materials
stocks, specifically the big gold producers. That is to be
expected because gold seems to be reaching new highs
practically every week," said Elvis Picardo, analyst and
strategist at Global Securities in Vancouver.
 Suncor was also a top gainer, up 1.2 percent at C$36.89,
after the country's biggest oil company said it would budget
C$5.5 billion for capital expenditures next year and would
restart construction at an oil sands project. [ID:nBNG481094]
 Earlier, weak U.S. economic data threatened to tug the
market lower. U.S. consumer sentiment fell in early November
amid a grim outlook for future job prospects, while a larger
than expected trade deficit had economists scaling back
estimates for third quarter economic growth. [ID:nN13463684]
 "The market reaction was quite negative when the news was
released," Francis Campeau, broker at MF Global Canada, in
Montreal, said of the consumer sentiment reading.
 However, U.S. stocks managed to climb higher as investors
focused on retail shares, which rose as department store
operator JC Penney Co Inc JCP.N said earnings for the holiday
quarter could beat estimates. And clothing retailer Abercrombie
& Fitch Co ANF.N posted better-than-expected results.[.N]
 The S&P/TSX composite index .GSPTSE rose 46.92 points, or
0.41 percent, at 11,407.68, with six of its 10 main sectors
higher. The index is up 1.4 percent for the week.
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)