April 15, 2011 / 2:34 PM / 6 years ago

CANADA STOCKS-Resilient resources push TSX higher

3 Min Read

* TSX up 58.89 points at 13,880.69

* All 10 main sectors stronger (Updates with details, commentary)

By Claire Sibonney

TORONTO, April 15 (Reuters) - Toronto's main stock index edged higher on Friday as firmer energy and materials issues shrugged off worries that China's surging inflation could hurt demand in the top resource consumer.

U.S. crude futures turned positive after data showed U.S. consumer sentiment rose more than expected in April as worries about the impact of higher oil prices on economic growth eased slightly, boosting energy shares 0.6 percent. [O/R]

Canadian Natural Resources (CNQ.TO) advanced 1.2 percent to C$43.14, while Suncor Energy (SU.TO) gained 0.3 percent to C$42.23.

Nagging worries that supply in the Middle East and North Africa could be at risk as fighting in Libya continued also supported oil prices.

At 10:19 a.m. (1419 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 58.89 points, or 0.43 percent, at 13,880.69. All 10 of the main sectors were higher, including financials, up 0.1 percent.

Miners also did slightly better, lifting the materials group 0.4 percent, as gold prices held near record highs, and despite copper heading for a fifth straight session of losses. [MET/L] [GOL/]

Barrick Gold Corp (ABX.TO) climbed 0.6 percent to C$51.59, Agnico Eagle (AEM.TO) rose 0.7 percent to C$63.24, while First Quantum Minerals (FM.TO) added 0.2 percent to C$119.28.

Fertilizers also reversed course, as Potash Corp (POT.TO) edged up 0.3 percent to C$54.07.

Fred Ketchen, director of equity trading at Scotia McLeod, said higher U.S. consumer inflation, was helping sentiment with rising food and gasoline prices. [ID:nN15209781]

However, worries over higher than expected inflation in China and India, and ballooning commodity prices, would keep investors cautious. [ID:nL3E7FF17]

"There has been a little bit of pressure on commodities to a certain degree ... maybe the price of commodities has been a little bit stronger than it should, at least in the short term, and as a result of that maybe we've got to step back a little bit," said Ketchen.

Among the lead gainers, BlackBerry maker Research in Motion jumped more than 2 percent to C$52.85 after a steep selloff in the previous session' following harsh reviews of its PlayBook tablet. [ID:nN14295720]

$1=$0.96 Canadian Reporting by Claire Sibonney; editing by Rob Wilson

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