CANADA STOCKS-TSX rises to 1-week high on gold rally

Thu Apr 21, 2011 11:03am EDT
 
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* TSX rises 0.25 percent to 13,932.72

* Celestica jumps 4 pct after earnings

* 5 of 10 sectors advance, led by materials on gold record (Adds details)

By Ka Yan Ng

TORONTO, April 21 (Reuters) - Toronto's main stock index rose modestly on Thursday morning, buoyed by strong North American corporate earnings and a push into commodities.

Spurred by a record-high gold price, gold miners were among the top risers and helped the index jump to its highest level in more than a week. A moderate rise in the price of oil helped the index's energy group advance 0.54 percent.

The index's materials sector, home to gold-mining issues, was up 0.65 percent, with Barrick Gold (ABX.TO: Quote) the heavyweight riser, up 0.5 percent at C$52.57. Goldcorp (G.TO: Quote) added 0.7 percent to C$52.85, while diversified miner Teck Resources (TCKb.TO: Quote) pushed up 2.39 percent to 53.94.

Investors were also encouraged by the pace of the economic recovery in the United States, cheering strong earnings and outlooks from companies such as General Electric Co, Morgan Stanley, and Apple Inc.

But the enthusiasm was tempered by government data that showed new U.S. claims for unemployment benefits, despite falling last week, held above the key 400,000 level.   Continued...