CANADA STOCKS-TSX climbs as Fed hopes boost gold-mining stocks
* TSX rises 48.89 points, or 0.37 percent, to 13,410.60 * Nine of 10 main index sectors gain * Enbridge, Magna up after earnings By John Tilak TORONTO, Nov 6 (Reuters) - Canada's main stock index climbed on Wednesday, led by gains in gold-mining shares, as anticipation grew that the U.S. Federal Reserve will put off plans to scale back its monetary stimulus program. Investors also analyzed earnings statements from some of the country's major energy players, Enbridge Inc and Talisman Energy Inc, as well as a positive report from auto parts maker Magna International Inc. Top Fed officials have been saying in recent days that the U.S. central bank should not make changes to the stimulus until there's more evidence to suggest that the world's biggest economy is on a firmer footing. "The Fed will err on the side of generosity," said Irwin Michael, portfolio manager at ABC Funds. "We believe they're going to stay longer with lower rates until they are absolutely certain the economy is back on track." The Toronto Stock Exchange's S&P/TSX composite index was up 48.89 points, or 0.37 percent, at 13,410.60. Almost every major sector was trading in positive territory, supporting an index that has jumped nearly 5 percent in the last month. "The longer the market holds up, the more motivated will be those investors who are sitting on maybe a little too much cash," Michael said. "They want to get that money working." Natural resource stocks, which have been hit by volatile commodity prices this year, are looking attractive, he added. Gold-mining stocks jumped 1.2 percent, helped by a gain in the price of bullion. Goldcorp Inc rose 1 percent to C$26.24. Financial shares climbed 0.3 percent. Toronto Dominion Bank added 0.5 percent to C$96.15. Magna reported a nearly 13 percent rise in quarterly sales as its European business improved. The stock gained 1.5 percent to C$90.30. The energy sector benefited from earnings reports and a higher oil price. Enbridge advanced 0.5 percent, to C$46.02, after the pipeline company reported higher third-quarter earnings, with increased volumes on its crude pipelines offsetting higher costs. Talisman reported a smaller quarterly net loss compared with the year-earlier quarter. The stock was little changed.
© Thomson Reuters 2016 All rights reserved.