CANADA STOCKS-TSX buoyed by record gold, strong earnings

Thu Apr 28, 2011 11:01am EDT
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 * TSX rises 0.11 percent to 13,908.35
 * Strong earnings offset U.S. economic growth concerns
 * Gold miners among top advancers on record gold price
 * Top decliners include Imperial Oil, Thomson Reuters
 (Adds details)
 TORONTO, April 28 (Reuters) - Toronto's main stock index
rose moderately on Thursday morning, buoyed by stronger
corporate earnings and a rise in prices for gold and several
other commodities.
The price of gold extended gains to hit a record high of
$1,535.50 an ounce. Barrick Gold ABX.TO climbed 1.3 percent
to C$48.97, while Goldcorp G.TO added 1.13 percent to
C$52.89. The index's materials group, home to gold miners, was
up 0.53 percent.
 That offset weakness in energy and financial issues, down
0.14 percent and 0.26 percent, respectively. Top decliners were
Canadian Natural Resources CNQ.TO, Imperial Oil IMO.TO and
Thomson Reuters TRI.TO.
 At 10:35 a.m. (1535 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 15.78 points, or 0.11
percent, at 13,908.35. Seven of its 10 main sectors were
 "I'm not expecting the market to be up or down dramatically
today, but I think people are just consolidating some gains,"
said Bruce Latimer, trader at Dundee Securities.
 Stronger-than-expected earnings pushed up Potash Corp
POT.TO, which rose 0.2 percent to C$54.32, paper maker Domtar
Corp UFS.TO, up 3.2 percent at C$89.01, and pharmacy chain
Jean Coutu Group PJCa.TO, up 0.7 percent at C$10.52.
 News and information provider Thomson Reuters fell 1.66
percent to C$38.48 after it reported adjusted earnings that
missed estimates. It said it plans to sell two businesses to
fund further investment. [ID:nN26263605]
 Imperial Oil fell 2.73 percent to C$48.90 after reporting a
lower-than-expected profit. [ID:nN27295358]
 Still, there were enough strong earnings results in both
Canada and the United States to offset new concerns about the
U.S. economy. Data on Thursday showed U.S. economic growth
braked sharply in the first quarter as higher food and gasoline
prices dampened consumer spending, and pushed up a broad
measure of inflation at the fastest pace in 2-1/2 years.
 The report follows acknowledgment by the U.S. Federal
Reserve on Wednesday of the slowdown in first-quarter growth.
It described the recovery as proceeding at a "moderate pace",
and confirmed plans to complete its $600 billion bond buying
program in June.
 ($1=$0.95 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)