CANADA STOCKS-TSX rises from 4-month low on U.S. jobs data; miners tumble

Fri Oct 3, 2014 5:06pm EDT
 
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* TSX up 29.14 points, or 0.2 percent, at 14,789.78
    * Eight of the 10 main index sectors advance
    * Gold-mining shares slip with bullion price

 (Adds details, quote, updates prices)
    By John Tilak
    TORONTO, Oct 3 (Reuters) - Canada's main stock index
advanced on Friday as a bullish U.S. jobs report helped ease
concerns about the strength of the economic recovery and drove
gains across most major sectors.
    Figures showed hiring by U.S. employers in September
accelerated and the jobless rate declined to a six-year low.
 
    The data, however, also fueled a rise in the U.S. dollar and
that weighed on commodities prices and on the shares of resource
companies, limiting the Toronto stock market's gains.
    Despite the day's advance, the benchmark TSX index posted
its fifth straight weekly decline with sentiment hit by
geopolitical concerns, news about the first case of Ebola in the
United States and worries about when the U.S. Federal Reserve
might raise interest rates.
    Those concerns had helped bring the index to a four-month
low on Thursday.
    "We're seeing a relief rally of sorts," said Elvis Picardo,
strategist at Global Securities in Vancouver. "It's not clear
yet whether the U.S. payroll numbers will be enough to offset
some of the bearish sentiment that has crept into the market." 
    "Investors need to be choosy, but there's no shortage of
high quality names in the bargain bin right now," he said.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended up 29.14 points, or 0.2 percent, at 14,789.78.
Eight of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.4 percent. Toronto-Dominion Bank advanced 0.3
percent to C$54.14, and Bank of Montreal rose 0.3
percent to C$82.02.
    The energy and materials sectors were the two groups in the
red as commodity prices sold off. Oil and gas producers lost 0.5
percent, with shares of Suncor Energy Inc down 0.5
percent at C$39.58.
    The gold-mining sector tumbled 3.7 percent, with the price
of bullion falling below $1,200 for the first time this year.
Barrick Gold Corp dropped 3.2 percent to C$15.91, and
Goldcorp Inc shed 3.5 percent to C$25.47.

 (Additional reporting by Leah Schnurr; Editing by Diane Craft)