February 15, 2011 / 9:56 PM / in 7 years

CANADA STOCKS-TSX edges higher as golds gain

   * TSX up 18.58 points, or 0.13 percent, at 13,929.35
 * Seven of the 10 main groups rise
 * Index hovers near 31-month highs  (Updates with details, comment)
 By Solarina Ho
 TORONTO, Feb 15 (Reuters) - Toronto’s main stock index finished modestly higher on Tuesday, with gains among gold companies offsetting declines among other miners.
 Barrick Gold (ABX.TO) rose 1.35 percent to C$48.66, while Goldcorp (G.TO) gaining 1.7 percent to C$43.56.
 Bullion prices roses to a four-week high as inflation concerns sparked a technical breakout. The precious metal also found support as Chinese inflation data came in lower than expected, easing concerns that the world’s second-largest economy would have to tighten its monetary policy. Lower interest rates tend to support gold buying. [GOL/]
 Offsetting the golds’ gains was a decline among base-metals and fertilizer companies. Potash Corp (POT.TO) came off its recent run and gave back 3.39 percent to C$60.63. U.S. grain prices fell as sentiment turned bearish amid overbought conditions.
 First Quantum Minerals (FM.TO) slumped 4.15 percent to 128.15, while Teck Resources TCKb.TO shed 1.36 percent to C$58.00.
 Copper prices fell from record highs, posting their biggest one-day slide in three weeks. A day after a bullish 5.7 percent rise in Chinese copper imports, worries about the Asian country’s ability to sustain its rate of growth resurfaced. [MET/L] [ID:nTOE71D037]
 The overall materials group, home to a broad spectrum of miners, was up marginally, gaining 0.13 percent.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished 18.58 points, or 0.13 percent higher, at 13,929.35. Seven of the 10 main groups advance.
 “The overall index is sort of ho-hum,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 “We’re talking about relatively minor changes within each company ... it’s hard to make a headline story.”
 The index hovered around 31-month highs and inched closer to the 14,000-point level.
 ($1=$0.99 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below