CANADA STOCKS-U.S. data fuels broad TSX gain, but gold miners drop

Thu Nov 21, 2013 10:49am EST
 
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* TSX rises 24.26 points, or 0.18 percent, to 13,454.27
    * Nine of the 10 main index sectors advance
    * Gold-mining shares hit a four-month low
    * Gildan drops after reporting results

    By John Tilak
    TORONTO, Nov 21 (Reuters) - Canada's main stock index
climbed on Thursday as positive U.S. economic data helped drive
gains across most of its major sectors, offsetting a decline in
gold-mining shares.
    Hurt by weakening bullion prices, gold miners fell to the
lowest in more than four months after dropping sharply the
previous session.
    Upbeat data from the United States helped the index overcome
those losses and spurred investors to overlook worries about the
fate of the U.S. Federal Reserve's stimulus program.
    The number of Americans filing new claims for unemployment
benefits dropped more than expected last week, indicating
strengthening labor market conditions in the world's largest
economy. 
    "We're back in this environment where investors are
incredibly focused on what central banks are doing, particularly
the Fed," said Craig Fehr, strategist at Edward Jones. "We're
getting this balance of policy issues alongside data that
continues to look incrementally better and fuel markets higher."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 24.26 points, or 0.18 percent, at 13,454.27.   
The benchmark Canadian index is up about 8 percent this year,
and Fehr said he expects the Canadian market to benefit from a
faster pace of global economic growth.
    "The outlook for the TSX is positive," he said. "Some of the
key catalysts for the TSX are pointing in the right direction."
    Nine of the 10 main sectors on the index were higher on
Thursday.
    With oil prices rising, shares of energy companies climbed
0.3 percent. Enbridge Inc advanced 0.6 percent to
C$44.24, and Talisman Energy Inc added 0.6 percent to
C$12.69.
    Financials, the index's weightiest sector, edged higher,
with Toronto-Dominion Bank gaining 0.1 percent to
C$97.97.
    Gold producers gave back almost 2 percent. Barrick Gold Corp
 dropped 2.6 percent to C$17.47, and Goldcorp Inc 
shed 1.8 percent to C$24.08.
    In corporate news, Gildan Activewear Inc reported a
9 percent rise in fourth-quarter profit, but shares of the
apparel maker were down 2.8 percent at C$49.88.