CANADA STOCKS-Earnings, insurers push TSX higher

Thu Jul 29, 2010 4:52pm EDT
 
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* TSX up 32.01 points, or 0.27 percent, at 11,728.64

* Barrick Gold, Potash Corp rally after results

* Four of TSX 10 main groups higher (Adds details, quotes)

By Jennifer Kwan

TORONTO, July 29 (Reuters) - Toronto's main stock index climbed on Thursday, boosted by robust earnings from Barrick Gold (ABX.TO: Quote) and Potash Corp (POT.TO: Quote), while insurers rose on optimism about pending new rules on capital levels.

Barrick, the world's No. 1 gold producer, rose 0.9 percent to C$42.00 after it posted higher quarterly results on record-high bullion prices. Eldorado (ELD.TO: Quote), a smaller Canadian rival, climbed 0.8 percent to C$16.53 after it said its quarterly profit more than doubled. [GOL/] [ID:nN29180081]

Potash Corp of Saskatchewan, the world's largest producer of the fertilizer, jumped 4.6 percent to C$106.39 after it reported a quarterly profit that blew past expectations with a four-fold rise in sales volumes offsetting lower prices for the crop nutrient. Fellow potash producer Agrium (AGU.TO: Quote) rose 3.2 percent to C$64.62. [ID:nN28198150]

"Potash seems to be telling us that prices have bottomed. Potash demand is going to increase year over year and they feel confident enough to raise their guidance going forward. That's really good news there," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.

"We've had terrific earnings out of Potash, higher guidance, and a very strong move from Potash and Agrium," he said.   Continued...