January 28, 2011 / 3:48 PM / 7 years ago

CANADA STOCKS-TSX heads higher on resources, U.S. data

 * TSX climbs 0.36 percent to 13,458.32
 * Potash rises after series of analysts’ upgrades
 * Consumer spending helps buoy U.S. economy in Q4  (Adds details)
 By Ka Yan Ng
 TORONTO, Jan 28 (Reuters) - Toronto’s main stock index climbed broadly on Friday morning, led by rising energy and materials shares and supported by 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.
 At 10:27 a.m. (1527 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 48.12 points, or 0.36 percent, at 13,458.32. Seven of the index’s 10 main groups were higher, led by materials and energy.
 Gold-mining stocks reclaimed ground after a steep selloff in the previous session and in spite of a softer price for bullion. The index’s materials group, home to the gold-mining sector, was up 1.24 percent.
 Heavyweight gainers included Barrick Gold (ABX.TO), up 2.15 percent at C$47.01, and Agnico Eagle (AEM.TO), up 2.26 percent at C$68.88.
 Other commodity-based issues were also advancers, with   Suncor Energy (SU.TO) rising 1 percent to C$38.94.
 “Mostly two sectors are holding up the market, again on the commodity front. Gold stocks are bouncing,” said Francis Campeau, broker at MF Global Canada, in Montreal.
 Fertilizer giant Potash Corp (POT.TO) was up 1.11 percent at C$174.18 as a series of analyst upgrades followed strong results and the announcement of a share split earlier in the week. [RCH/CA]
 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. [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 halted on the news. [ID:nSGE70R0BI]
 ($1=$1.00 Canadian)  (Additional reporting by Claire Sibonney; editing by Peter Galloway)                                        

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