May 10, 2012 / 9:14 PM / 7 years ago

CANADA STOCKS-TSX snaps losing skid on U.S. jobs data

* TSX ends up 61.16 pts, or 0.5 pct, at 11,736.17
    * Energy, financials lead gains
    * U.S. jobless claims data lifts sentiment
    * China data weighs on materials

    By Jon Cook	
    TORONTO, May 10 (Reuters) - Canadian stocks rose for the
first time in more than a week on Thursday as encouraging U.S.
jobs data and slightly more positive conditions in Europe coaxed
investors to snap up shares at beaten-down prices.	
    The United States reported claims for unemployment benefits
fell last week, an upbeat sign after April's weak employment
growth sparked fears of a worsening U.S. labor market.
    "It's a fairly limited move," said Levente Mady, market
strategist at Union Securities, in Vancouver. "Nothing is
running away either way."	
    Mady said he did not expect the modest gains to be a
precursor of a larger rally, even though stocks were "oversold"
during the recent six-session losing skid on the Toronto Stock
Exchange's S&P/TSX composite index's.	
    "Don't hold your breath for the next rally," Mady said.	
    Nearly all of the TSX's 10 main sectors were higher on
Thursday. The downtrodden energy group led gains, rising 0.75
percent as U.S. crude halted its own six-day losing streak that
had reduced the front-month June crude's value by 8.8 percent.
    The sector's most influential gainers included Suncor Energy
, up 0.8 percent at C$29.30, Canadian Natural Resources
, up 1.5 percent to C$31.15, and Enbridge Inc,
which gained 2.1 percent to C$40.60.	
    Shares of Crescent Point Energy Corp climbed 3.6
percent to C$42.38 after Canada's No. 5 independent oil producer
reported a smaller quarterly loss on Thursday compared with a
year ago. 	
    The TSX closed up 61.16 points, or 0.5 percent, at
11,736.17. The index was still down nearly 5 percent since the
beginning of May.	
    Financial shares rose 0.5 percent on Thursday as Spain moved
to aid its ailing banks and action on Greece reassured
investors, following the market turmoil sparked by last
weekend's elections in Greece and France.	
    "We had it ugly there for a while because we had the oils
and banks going down," said Paul Hand, managing director at RBC
Capital Markets.	
    Royal Bank of Canada was up 1.1 percent to C$53.95,
Toronto-Dominion Bank climbed 0.7 percent to C$80.19,
and Bank of Nova Scotia rose 0.5 percent to C$52.80.	
    Shares of Sun Life Financial Inc jumped 1.9 percent
to C$22.55 after Canada's No. 3 insurer said Thursday it sees a
fit with the Asian assets of big Dutch financial services firm
ING Groep NV, and would be willing to issue stock to
finance a large acquisition. 	
    Euro zone officials on Thursday said countries in the bloc
are prepared to keep financing Greece until a new government is
formed, whether one emerges from Sunday's election or if new
elections have to be held next month. 	
    Spanish markets also rebounded after the government
effectively took over Bankia, one of the country's biggest
banks, and said more measures to restore confidence in Spain's
ailing banking system would be announced on Friday. 	
    The news offset concerns about demand for goods from China,
the world's second biggest economy, after data on Thursday
showed exports and imports in April grew at a far slower rate
than forecast.	
    Canadian material stocks were up most of the day, before
finishing flat. Top fertilizer producer Potash Corp 
offset gains, dropping 1.5 percent to C$41. Goldcorp Inc 
fell 0.5 percent to C$35.42.	
    In other company news, Bombardier Inc's shares
spiked 7.3 percent to C$3.96 after the world's third biggest
commercial plane maker said new orders are picking up and its
backlog is healthy, despite reporting a sharp drop in quarterly
sales and profit on Thursday.
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