CANADA STOCKS-TSX gets boost from U.S. data, commodities

Fri Oct 14, 2011 10:58am EDT
 
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   * TSX up 71.22 points, or 0.6 pct at 11,983.11
 * Oil and gold higher on U.S. retail sales
 * Nine out of 10 sectors higher
 By Ashleigh Patterson
 TORONTO, Oct 14 (Reuters) - Toronto's main stock index
pushed higher Friday morning as healthy U.S. retail data and
hopes for progress on the euro zone debt crisis boosted
investor sentiment and lifted commodity prices .
 The energy and materials sectors led the gains, as Brent
crude and U.S. oil futures rose more than $3 a barrel on
optimism that Europe's leaders would push forward with plans to
resolve the region's financial woes. [O/R]
 Energy companies were among the biggest gainers on the TSX
Friday morning with Suncor Energy SU.TO rising 2.51 percent
to C$29.87 and Canadian Natural Resources CNQ.TO gaining 2.77
percent to C$32.61.
 Cenovus Energy CVE.TO climbed 2.1 percent to C$34.98 and
Canadian Oil Sands COS.TO gained 1.78 percent to C$22.29.
 "The price of oil is up a little bit, the price of gold is
up $10 so it's a bit of a positive on the commodities side. I
think the TSX should remain positive today," said Sal Masionis,
stockbroker at Brant Securities.
  AT 10:21 a.m. (1421 GMT) the Toronto Stock Exchange's
S&P/TSX composite index was up 71.22 points, or 0.6 percent, at
11,983.11 .GSPTSE. Nine of the 10 main sectors were higher,
with financials showing a slight decline.
 Promising U.S. retail sales data also helped buoy investor
confidence, sending gold and copper higher despite Standard &
Poor's downgrade of Spain's long-term credit rating. Gold is on
track to post its biggest weekly gain in more than a month.
  Canadian miners were higher as bullion prices rose and the
U.S. dollar fell.
 Teck Resources was a strong gainer, rising 2.96 percent to
C$36.49, while Barrick Gold ABX.TO gained 1.19 percent to
C$48.57.
 "The economic numbers that just came out and were much
better than expected. That gives a relief rally because most of
the economic news lately has been very bleak. This is good news
coming in on retail sales," said Masionis.
 Financials showed mixed results, with Manulife Financial
MFC.TO rising 2.49 percent to C$12.77 and a number of the big
six banks tracking lower.
 Extending losses from Thursday on disappointing results
from U.S. bank JP Morgan Chase JPM.N, Bank of Nova Scotia
BNS.TO fell 0.42 percent to C$51.96. Royal Bank of Canada
RY.TO slid 0.27 percent to C$47.69, while Toronto-Dominion
Bank TD.TO skidded 0.07 percent to C$74.57.
 ($1=$1.02 Canadian)
 (Reporting by Ashleigh Patterson; editing by Rob Wilson)