CANADA STOCKS-TSX extends gains as financials offset gold dip

Tue Apr 23, 2013 11:47am EDT
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* TSX rises 15.37 points, or 0.13 percent, at 12,106.37
    * Eight of 10 main sectors advance
    * Teck slips 4.2 percent after profit drops

    By John Tilak
    TORONTO, April 23 (Reuters) - Canada's main stock index rose
for the fourth straight session on Tuesday as strength in the
financial sector helped offset weakness in shares of gold
    The gains were kept in check by weak economic data from
Germany and China.
    The latest Purchasing Managers' Indexes for the euro area
showed business activity in Germany shrank for the first time in
five months in April, while China's April HSBC flash PMI fell.
    The resource-heavy index is sensitive to China's growth
trends as the country is a major consumer of commodities that
Canada exports.
    Still the Toronto market is down about 3 percent on the
    "Commodities are under pressure," said Kevin Headland,
director, portfolio advisory group, at Manulife Asset
Management. "The Asian growth story that we're seeing is slower
than we're used to." 
    Headland does not see too many catalysts for commodity
prices but still expects the index to end the year higher.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 15.37 points, or 0.13 percent, at 12,106.37.
     Eight of the 10 main sectors of the index were higher.
     The materials sector, which includes mining stocks, gave
back 1.3 percent, hurt by a 2 percent fall in gold shares and a
decline in Teck Resources Ltd. 
    Teck slipped 4.2 percent to C$24.29 after the miner reported
a 40 percent fall in first-quarter adjusted profit due to lower
coal prices. The company said economic uncertainty may affect
prices and shipments. 
    Goldcorp Inc fell 2.8 percent to C$28.50.
    Energy shares were little changed. EnCana <Corp ECA.TO> lost
0.6 percent to C$19.17 after the natural gas producer reported a
25 percent fall in first-quarter operating profit due to hedging
    Rogers Communications Inc declined 2.6 percent, a
day after it reported first-quarter results. 
    TransAlta Corp was down 3.7 percent at C$13.54 after
the power generation company reported a first-quarter loss, hurt
in part by a one-time charge related to pension funding
    Financials, the index's most heavily weighted sector, added
0.5 percent.