CANADA STOCKS-TSX rises with commodities, GDP data

Fri Apr 30, 2010 11:02am EDT
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*TSX up 0.5 percent at 12,263.39

*Resources, financials lead index higher

By Claire Sibonney

TORONTO, April 30 (Reuters) - Toronto's main stock index rose on Friday morning as commodity prices firmed and domestic economic growth data for February met expectations, boosting heavyweight resource and financial companies.

Gold hit a 2010 high above $1,175 an ounce and copper prices rose, lifting the index's materials sector almost 2 percent. [MET/L] [GOL/]

Barrick Gold Corp (ABX.TO: Quote), the world's largest bullion producer, shot up more than 3 percent to C$44.37, while Goldcorp Inc (G.TO: Quote) jumped almost 3 percent C$44.27.

"It's a function of psychology and the fact that commodity prices are up today," said Irwin Michael, a portfolio manager at ABC Funds.

He added that a move down in the Canadian dollar was also helping resource companies. "They benefit more when they get paid in U.S. dollars."

Oil rose to around $86 a barrel, driven by expectations of global economic recovery and hopes for a bailout package for Greece. Natural gas prices recouped some of the previous day's losses, pushing the energy sector up 0.6 percent. [O/R]   Continued...