CANADA STOCKS-TSX hits seven-week high as gold miners jump

Tue Nov 18, 2014 10:44am EST
 
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* TSX up 83.02 points, or 0.56 percent, at 14,965.52
    * Nine of the 10 main index sectors advance
    * Index up almost 10 percent from its October low

    By John Tilak
    TORONTO, Nov 18 (Reuters) - Canada's main stock index
reached its highest in seven weeks on Tuesday on a jump in
shares of gold miners and a broad rally in other sectors as well
as on news that Japan will delay a sales-tax increase that had
threatened to further dampen its economy. 
    Japanese Prime Minister Shinzo Abe, who announced a snap
election so he could seek a fresh mandate, said the planned rise
in the sales tax to 10 percent would be delayed until April
2017. 
    The Toronto stock market's benchmark TSX was higher for a
third straight session and is up nearly 10 percent from an
eight-month low in October. It has also advanced in each of the
last five weeks.
    "We're seeing a nice rebound for Canadian stocks here," said
Colin Cieszynski, chief market strategist at CMC Markets.
    "Things are looking up for the TSX," he added. "We are in a
seasonally favorable period for stocks, and it's also a
seasonally favorable period for some of the key markets
underlying the TSX."  
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 83.02 points, or 0.56 percent, at 14,965.52.
Nine of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
advanced, with Bank of Nova Scotia climbing 0.5 percent
to C$69.09.
    The gold-mining sector rose 3 percent, reflecting strength
in the price of bullion. Barrick Gold Corp jumped 3.8
percent to C$14.60, and Goldcorp Inc added 1.8 percent to
C$23.59.
    Valeant Pharmaceuticals International Inc gained 4
percent to C$160.68, helping drive up the healthcare sector.
    ($1=$1.13 Canadian)

 (Editing by Peter Galloway)