CANADA STOCKS-Golds, oil shield TSX from Egypt-related selloff

Fri Jan 28, 2011 4:34pm EST
 
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 * TSX climbs 0.2 percent to end at 13,437.58
 * Heavyweight resources benefit from higher oil, gold
 (Adds details)
 By Ka Yan Ng
 TORONTO, Jan 28 (Reuters) - Rising energy and materials
shares, spurred by surging oil and gold prices, kept Toronto's
main stock index in positive territory on Friday, fending off a
selloff in other areas in the wake of unrest in Egypt.
 The gain stood in contrast to stocks in the United States
and emerging markets, which investors sold in reaction to
street battles between protesters and Egyptian security forces.
[MKTS/GLOB] [ID:nLDE70O2DA]
 Toronto's heavily-weighted resource sector insulated the
index from deep losses. While six of the 10 index sectors were
lower, the energy sector benefited from a soaring oil price and
materials were boosted by safe-haven gold miners.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished 27.38 points, or 0.2 percent, higher at
13,437.58.
 "It really underscores Canada's position as a producer of
commodities that would benefit in the event of geopolitical
instability," said Elvis Picardo, analyst and strategist at
Global Securities in Vancouver.
 "If instability continues ... we should be supported by the
weighting in energy and gold."
 Gold-mining stocks reclaimed ground after a sharp decline
in the previous session and steadily added to gains as the
price for bullion bounced $40 per ounce off session lows.
[GOL/]
 The index's materials group, home to the gold-mining
sector, was up 1.1 percent.
 Heavyweight gainers included Barrick Gold (ABX.TO: Quote), up 2.98
percent at C$47.39, and Agnico Eagle (AEM.TO: Quote), up 2.67 percent
at C$69.16. Kinross Gold (K.TO: Quote) rose 2.29 percent to C$16.99.
 Other commodity-based issues were also strong advancers,
with the oil and gas group up 1.64 percent. Suncor Energy
(SU.TO: Quote) rose 3.87 percent to C$40.04. Canadian Natural
Resources (CNQ.TO: Quote) gained 2.82 percent to close at C$43.08.
 ($1=$1.00 Canadian)
 (Editing by Jeffrey Hodgson)