CANADA STOCKS-TSX rises as gold miners, RIM shine

Tue Nov 30, 2010 5:03pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * Index rises 57.23 points, or 0.44 percent, to 12,952.88.
 * Five of the index's 10 main groups lower
 * Research In Motion up 5.4 percent
 * Gold prices rise
 (Adds details)
 By Solarina Ho
 TORONTO, Nov 30 (Reuters) - Toronto's main stock index
finished higher on Tuesday as rising bullion prices pushed up
gold miners and the market brushed off soft Canadian growth
numbers and worries over the European sovereign debt crisis.
 Five of the index's main sectors were lower, however, as it
retreated from the 1 percent gains reached earlier this
 Materials issues were 2.19 percent higher, powered by gold
miners, which were buoyed by a more than a 1 percent rise in
gold prices as European sovereign debt concerns fueled
safe-haven buying of the precious metal.
 Leading the rally was Barrick Gold ABX.TO, which jumped
3.36 percent to C$52.19, and Goldcorp G.TO, which rose 1.88
percent to C$46.59.
 Diversified miner Teck Resources TCKb.TO also helped the
sector's strong performance, advancing 3.47 percent to
 Research In Motion RIM.TO shares were among the top
market movers, jumping 5.4 percent to C$63.25 after an analyst
praised the BlackBerry maker's new QNX operating system and
upgraded its rating on the company to a "buy". [ID:nN30271282]
 RIM is also putting the finishing touches on its new
PlayBook tablet, due to be released early next year.
[ID:nN29230611] [ID:nN27231916]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed 57.23 points, or 0.44 percent, higher at
 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 European Union member states Portugal and Spain
could be forced to default on debt in the wake of Ireland's
crisis. [ID:nLDE6AT0Z0]
 "Even after Ireland got the majority of their bailout
solidified, a lot of the tensions are now being paid to
Portugal and Spain as well as Belgium today," said Youssef
Zohny, an associate portfolio manager at Van Arbor Asset
 Offsetting the strength in the index's materials group were
the financial stocks, down 0.47 percent and the energy group,
0.08 percent lower.
 Royal Bank of Canada RY.TO was the biggest market mover
on the downside, falling 0.78 percent to $54.95. Suncor Energy
SU.TO followed, slipping 0.61 percent to C$34.48.
 ($1=$1.03 Canadian)
 (Editing by Peter Galloway)