Miners pull TSX higher; marks 4th rising week

Fri Apr 9, 2010 5:36pm EDT
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By Ka Yan Ng

TORONTO (Reuters) - The TSX finished a volatile week higher on Friday with broad gains backed by a rise in the price of key metals and optimism that Canada's economic recovery is on track.

The index's materials group rose 1.13 percent as gold hit its highest level this year, boosting shares of Barrick Gold Corp, the world's biggest gold producer, which gained 0.95 percent to C$41.49. Kinross Gold jumped 1.63 percent to C$18.67.

Other metals prices, including copper, which neared $8,000 a tone, were also firmer, helping base metals miner Teck Resources gain 1.7 percent to C$45.97.

The Toronto Stock Exchange's S&P/TSX composite index finished 63.31 points, or 0.52 percent, higher at 12,176.84. It was up 0.2 percent on the week, its fourth straight weekly gain, after hitting an 18-month high on Monday.

Data showed fewer Canadians returned to work in March than expected but the three-month hiring trend was the strongest since the financial crisis intensified in the autumn of 2008, suggesting economic recovery is entrenched.

"Any month we are creating jobs is positive," said Barry Schwartz, a portfolio manager at Baskin Financial Services.

"I wouldn't say we are in a full-blown recovery but we're certainly off the bottom nicely."

The improving economy theme was also noted in the United States, with the Dow surpassing 11,000 for the first time since September 2008, as Chevron Corp gave an upbeat outlook and data showed wholesale inventories rose more than expected in February.   Continued...

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto in this November 9, 2007 file photo. REUTERS/Mark Blinch</p>