CANADA STOCKS-TSX rises as higher oil prices offset gold losses

Wed Nov 16, 2011 11:25am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX up 40.01 pts, or 0.3 pct, at 12,269.28
 * Energy sector gains as oil rises further above $100
 * Gold miners drag on lower bullion prices
 * Europe debt contagion fears weigh
 (Adds analyst comments, details)
 By Jon Cook
 TORONTO, Nov 16 (Reuters) - Canadian stocks rose in choppy
trade on Wednesday as gains in energy shares on higher oil
prices offset losses from gold miners and broader market fears
that Europe's debt crisis is spreading.
 U.S. oil rose to $101.52, its highest since June, supported
in part by some unexpectedly strong U.S. economic data.
[ID:nN1E7AF0ES] [O/R]
 "Oil at $100 tells us that the market's not looking towards
a recession," said Irwin Michael, a portfolio manager at ABC
 The Canadian energy sector led the broader index higher,
rising nearly 2 percent. Canadian Natural Resources CNQ.TO
led the sector's gains, jumping 4.5 percent to C$39.20.
 Canada's subindex of gold stocks fell 0.3 percent as
bullion endured its largest one-day drop this month. [GOL/]
 Miner Barrick Gold ABX.TO was the biggest drag, falling
0.5 percent to C$53.15.
 Though widely viewed as a safe-haven, gold has recently
traded with the European headlines and was down with fears the
European debt crisis was broadening and could engulf the
economies of Austria, Holland and France. [MKTS/GLOB]
 At 11 a.m. (1500 GMT), the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE was up 40.01 points, or 0.3 percent,
at 12,269.28, after touching a session low of 12,163.35 shortly
after the open.
  (Editing by Jeffrey Hodgson)