CANADA STOCKS-TSX nears 1 week high, boosted by Chinese data

Wed Jul 13, 2011 11:09am EDT
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   * TSX gains 180.12 points, or 1.36 pct, to 13,414.19
 * All 10 sectors advance, resources lead way higher
 * Data shows China's Q2 growth faster than expected
 * Investors pile into golds as Europe debt crisis weighs
 * Bernanke says Fed ready to ease more if economy weakens
 (Adds details)
 TORONTO, July 13 (Reuters) - Toronto's main stock index
surged more than 1 percent on Wednesday morning as strong
Chinese growth data fueled optimism for the global recovery and
sparked a rally by energy and materials issues.
 Top advancers were broad-based. Canadian Natural Resources
(CNQ.TO: Quote) led the way with a gain of 2.44 percent to C$40.28.
Toronto-Dominion Bank (TD.TO: Quote) rose 1.45 percent to C$80.60,
while Teck Resources TCKb.TO advanced 2.21 percent to
 At 10:37 a.m. (1437 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 180.12 points, or 1.36
percent, at 13,414.19, its highest level in nearly a week.
 All 10 main index sectors were up, led by a 2.21 percent
advance in materials and a 1.74 percent rise in the oil and gas
 Optimism over the global economy gathered pace after data
showed China's economy grew faster than expected in the second
quarter, easing fears about a hard landing in the world's
second-largest economy. [ID:nL3E7ID0AS]
 "Their economy is going to continue to grow at a premium to
the Western economies and they're going to continue to have a
constant demand for hard assets. That's a major beneficiary for
the Canadian marketplace," said Peter Chandler, senior
vice-president and director, at Canaccord Wealth Management.
 "But you still can't escape the problems that are out
there, that right now tend to be Europe ... and that's leaving
us locked in a trading environment here where the market is
stuck in this sideways range."
 The Chinese data drew attention away from the euro zone
debt crisis, where the latest blow came from Moody's, which
downgraded Ireland's credit rating to junk status on Tuesday.
 That kept investors looking for safe-haven investments in
gold-mining stocks. The price of gold, which hit record highs
above $1,585 an ounce, is set to mark an eighth consecutive day
of gains, something it has not achieved since mid-October 2006,
when it rose for nine days in a row. [GOL/]
 Goldcorp (G.TO: Quote), up 2.2 percent at C$51.96, and Barrick
Gold (ABX.TO: Quote), ahead 2.1 percent at C$46.41, were among the top
influential risers.
 Overall index gains were also underpinned by Federal
Reserve Chairman Ben Bernanke's comments that the U.S. central
bank is ready to ease monetary policy further if the economy
weakens and inflation moves lower, suggesting policymakers are
actively mulling further stimulus measures. [ID:nW1E7IB008]
 ($1=$0.96 Canadian)
 (Reporting by Ka Yan Ng; editing by Rob Wilson)