CANADA STOCKS-TSX jumps 1 percent as gold miners, RIM rise

Tue Nov 30, 2010 1:25pm EST
 
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   * 128.48 points, or 1 percent, at 13,024.13
 * All 10 main groups higher
 * Research In Motion up 6.4 percent
 * Gold prices rise
 (Adds details)
 TORONTO, Nov 30 (Reuters) - Toronto's main stock index was
up 1 percent on Tuesday afternoon, a three-week high, as gold
miners and Research In Motion RIM.TO rallied and the market
overcame worries about soft Canadian GDP data and euro zone
debt woes.
 All 10 of the index's main sectors were higher, powered by
a 2.66 percent jump in the materials group and a 2.48 percent
boost in tech stocks.
 Materials issues were led by gold miners, buoyed by gold
prices that climbed more than 1 percent as European sovereign
debt concerns fueled safe-haven buying of the precious metal.
 Leading the charge was Barrick Gold (ABX.TO: Quote), which jumped
4.18 percent to C$53.33, and Goldcorp (G.TO: Quote), which rose 3.48
percent to C$47.32.
 "We're bucking the pattern in North America. So while most
of the North American markets, European markets are down, we're
up. That's really because gold is up 20 bucks," said Andrew
Pyle, wealth advisor and associate portfolio manager at
ScotiaMcLeod.
 "Having said that, the general tone in the Toronto market
has been positive."
 RIM shares were the top market mover, soaring 6.38 percent
to C$63.84 after an analyst praised the BlackBerry maker's new
QNX operating system. [ID:nN30271282]
 RIM is also about to take the next step in mobile computing
as it puts the finishing touches on its new PlayBook tablet,
due to be released early next year. [ID:nN29230611]
[ID:nN27231916]
 At 1:10 p.m. (1810 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 129.08 points, or 1
percent, at 13,024.73.
 Investors brushed off news that Canada's economy had the
weakest growth rate in a year in the third quarter and that
gross domestic product shrank outright in September. Analysts
said the weak data could keep interest rates unchanged for a
longer period than expected. [ID:nN30202447]
 The market was also undeterred by worries overseas, where
investors dragged the euro currency lower due to ongoing
concerns that weak European Union member states Portugal and
Spain could be forced to default in the wake of Ireland's debt
crisis. [ID:nLDE6AT0Z0]
 ($1=$1.03 Canadian)
 (Reporting by Solarina Ho; editing by Peter Galloway)