CANADA STOCKS-TSX higher as U.S. data cheers

Wed Nov 24, 2010 10:28am EST
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 *TSX up 57.69 points, or 0.45 percent, at 12,851.44
 *U.S. jobless claims data boosts market
 *Maple Leaf Foods plunges after shareholder sells stake
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Nov 24 (Reuters) - Toronto's main stock index rose
on Wednesday morning as upbeat U.S. economic data yanked market
focus away from tensions in Korea and European debt worries.
 U.S. data on the labor market and consumer spending pointed
to an improving economy, pushing up the index's financial
shares, including Royal Bank of Canada RY.TO, which rose 1.1
percent to C$54.61.
 New U.S. claims for jobless benefits last week dropped to
their lowest level in more than two years, while consumer
spending rose in October. [ID:nN24211131]
 "The biggest news today is the jobless claims number,
which dipped to the lowest level since the recession officially
began," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services.
 "If we get below 400,000 jobless claims we're off to the
races here and we'll start seeing some huge employment gains in
2011 for the U.S."
 The U.S. figures helped to boost oil and base metals prices
[O/R] [METL/], pulling up resource shares. Teck Resources
TCKb.TO, climbed 1.4 percent to C$49.51, and Canadian Natural
Resources CNQ.TO was up 0.6 percent at C$39.32.
 At 10:02 a.m. (1502 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 57.69 points, or 0.45
percent, at 12,851.44, with most of its 10 main groups higher.
 The index had fallen sharply on Tuesday as tensions in the
Korean peninsula and euro zone debt concerns pushed down
heavily weighted commodity-linked shares.
 "We're all settled and relaxed about the news out of Europe
and things seem to be calm, and the market likes calm. On the
North Korea and South Korea news, (it) doesn't look like things
are going to escalate any further and the market is reacting to
that as well," Schwartz said.
 Maple Leaf Foods MFI.TO, among the most heavily traded
stocks on the market, plunged 11 percent to C$11.33 after its
second-largest shareholder sold its entire stake the previous
day. [ID:nN24209129]
 Cameco Corp CCO.TO, up 3.5 percent at C$37.27, signed a
long-term agreement to supply 29 million pounds of uranium
concentrate to China's state-owned nuclear power company at a
time when the Asian superpower steps up its ambitious nuclear
power program. [ID:nSGE6AN0DZ]
 ($1=$1.01 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)