CANADA STOCKS-TSX advances as data lifts sentiment

Fri Sep 24, 2010 10:56am EDT
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   * TSX rises 0.58 percent to 12,171.73
 * U.S. durables, German Ifo data lifts sentiment
 * Golds mixed despite record gold
 (Adds details)
 TORONTO, Sept 24 (Reuters) - Toronto's main stock index
gathered steam on Friday morning as resource prices rose, with
gold hitting a record high, after new U.S. and German data
eased recent jitters about the pace of global economic
 The rise in key commodity prices supported the
resource-heavy index. Gold rallied above $1,300 an ounce, while
copper and aluminum swung to five-month highs, helped by the
recent downward trend for the U.S. dollar trend. The price of
oil popped above $76 a barrel, buoyed by the bullish data from
Germany and the United States.
 At 10:17 a.m. (1417 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 69.94 points, or 0.58
percent, at 12,171.73, breaking a three-day slide. All 10 of
the index's main groups were higher, with key advancers found
in financials.
 Often a play on the broader economy, the financial group
was up 0.8 percent with all the big banks and big insurers
advancing. Royal Bank of Canada (RY.TO: Quote), Bank of Montreal
(BMO.TO: Quote) and Manulife Financial (MFC.TO: Quote) all gained more than 1
 Among commodity gainers, Teck Resources TCKb.TO climbed
2.4 percent to C$40.05, while Imperial Oil (IMO.TO: Quote) was up 0.9
percent at C$38.17.
 In Germany, the Ifo business climate survey helped ease
some recent concerns over the health of the global economy
recovery. In the United States, August orders for long-lasting
U.S. manufactured goods, excluding transportation, rose more
than expected.
 This figure overshadowed the headline durable goods figures
that showed new orders fell more than expected in August to
post their biggest decline in a year as bookings for aircraft
and motor vehicles tumbled. [ID:nN24184114]
 Data showing U.S. new home sales were unchanged in August
failed to move the market. [ID:nN2377778]
 "The much stronger durable goods order out of the U.S. and
a revision upwards in July confirm things are not as bad as
what we're reading and what people are hearing," said Barry
Schwartz, vice president and portfolio manager at Baskin
Financial Services.
 "The economy seems to still be growing (but) it may grow at
a slower pace than people want."
  Gold-mining shares were mixed despite the bullion price
rise. Schwartz said the sector's rally seemed "toppy" and it
might be a good time to prune gold holdings.
 Goldcorp (G.TO: Quote) fell 0.2 percent to C$45.19, and Kinross
(K.TO: Quote) slipped 0.46 percent to C$19.56. But Barrick Gold
(ABX.TO: Quote) edged up 0.1 percent to C$48.28, and Agnico Eagle
(AEM.TO: Quote) rose 0.75 percent to C$72.37.
 Canadian Oil Sands Trust COS_u.TO lost 2.8 percent to
C$25.10 as the biggest stakeholder in the Syncrude Canada Ltd
joint venture lowered its target for the project's production
this year by almost 5 percent as work on an upgrader extends
longer than expected. [ID:nN23257593]
 Potash Corp (POT.TO: Quote) eased 0.64 percent to C$149.54 after
BHP Billiton cleared the first regulatory hurdle in its $139
billion hostile takeover bid for the fertilizer producer. But
the miner still has a long way to go trying to persuade
Canadian authorities and Potash shareholders. [ID:nN23243172]
 ($1=$1.03 Canadian)
 (Reporting by Ka Yan Ng, editing by Peter Galloway)