CANADA STOCKS-TSX rises on mining strength, GDP growth

Fri Oct 29, 2010 10:55am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX up 54.83 points, or 0.44 percent, at 12,618.92
 * Seven of the index's 10 sectors higher
 * Canada GDP data helps underpin rise
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Oct 29 (Reuters) - Toronto's main stock index rose
on Friday morning as mining shares displayed strength and data
showed the Canadian economy returned to growth in August after
stalling in July.
 Gross domestic product climbed 0.3 percent in August after
shrinking 0.1 percent in July, the first contraction in a year.
[ID:nN29434455]
 Shares of miners climbed even as underlying commodity
prices were mixed. [FRX/] Gold miner Barrick Gold ABX.TO rose
1.4 percent to C$48.73, and base-metals miner Teck Resources
TCKb.TO climbed 1 percent to C$45.74.
  Elsewhere, fertilizer producer Potash Corp POT.TO rose
1.9 percent to C$148.73, and Blackberry  maker Research In
Motion RIM.TO  was up 1.1 percent at C$57.95.
 At 10:18 a.m. (1418 GMT), the S&P/TSX composite index
.GSPTSE was up 54.83 points, or 0.44 percent, at 12,618.92,
with seven of its 10 main sectors higher. It opened slightly
lower.
 Andrew Pyle, wealth advisor at ScotiaMcLeod, said the
market was cautious ahead of U.S. Federal Reserve meetings next
week, which could result in more monetary policy easing, as
well as the U.S. midterm elections. Also on tap are U.S. and
Canadian employment data.
 "I really think you're seeing some gyrations into month
end. I think you're going to see this all day. There's this
cautionary theme going through the market as we head into a
massive week next week," he said.
  "Investors are aware a lot of asset classes are getting
overvalued, stocks, metals, golds, bonds, and believe one if
not all events has the potential to derail one of those asset
classes."
  Brookfield Office Properties BPO.TO shed 0.3 percent to
C$17.82, even after it reported a 37 percent rise in quarterly
funds from operations (FFO) on Friday, helped by an increase in
the number of square feet leased. [ID:nN28225013]
 Canada's Silver Standard Resources Inc SSO.TO, up 3.2
percent at C$24.82, said it will sell its Snowfield and
Brucejack projects in northern British Columbia to Pretium
Resources Inc, a company led by its former CEO Robert
Quartermain, for C$450 million in cash and stock.
[ID:nSGE69S0DS]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)