CANADA STOCKS-Golds, oil shield TSX from Egypt selloff

Fri Jan 28, 2011 4:58pm EST
 
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 * TSX climbs 0.2 percent to end at 13,437.58
 * Heavyweight resources benefit from higher oil, gold
 * Potash wins brokerage upgrades
 (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
the selloff that hit stock markets around the world in the wake
of the unrest in Egypt.
 Toronto's heavily weighted resource sector insulated the
index from the deep equities losses in the United States and
emerging markets, where investors sold in reaction to street
battles between protesters and Egyptian security forces and
fears that the unrest would spread. [MKTS/GLOB] [ID:nLDE70O2DA]
[MKTS/GLOB] [ID:nLDE70O2DA]
  While six of the Toronto index's 10 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 gold miners, 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 rose 3.87 percent to C$40.04, and fellow oil company
Canadian Natural Resources (CNQ.TO: Quote) gained 2.82 percent to
close at C$43.08.
 Fertilizer giant Potash Corp (POT.TO: Quote) gained 1 percent to
C$173.99 as a series of analyst upgrades followed strong
results and the announcement of a share split earlier in the
week. [ID:nSGE70R0CB] [RCH/CA]
 AGF Management Ltd's (AGFb.TO: Quote) quarterly profit dropped by
nearly a third, falling just short of estimates and prompting
investors to sell the asset manager's shares down by more than
5 percent. It pared losses by the end of the day to finish the
at C$18.03. [ID:nN28178762]
 Shares of Zarlink Semiconductor Inc ZL.TO fell as much as
9 percent, a day after the Canadian chipmaker forecast
fourth-quarter results below market estimates. The shares cut
losses as well, ending at C$1.85. [ID:nSGE70R0C7]
 Angiotech Pharmaceuticals Inc ANP.TO said it will file
for bankruptcy protection under Canada's Companies' Creditors
Arrangement Act to cut $250 million of its debt. Its shares
were suspended from trading under a delisting review by the
TSX. [ID:nSGE70R0BI]
 Early support came from bullish U.S. economic data. U.S.
figures showed economic growth rose in the fourth quarter as
consumer spending accelerated. Also, consumer sentiment got
brighter in late January, the latest survey from Thomson
Reuters and the University of Michigan showed.
 For the week, the index was up 1.35 percent.
 Picardo noted the index has had difficulty with resistance
at 13,500, a level it has risen through just a handful of times
this month. It has only closed once above that level this
year.
 ($1=$1.00 Canadian)
 (Editing by Jeffrey Hodgson and Peter Galloway)