October 25, 2012 / 3:33 PM / 6 years ago

CANADA STOCKS-TSX jumps on Goldcorp results, economic data

* TSX up 122.56 points, or 0.92 percent, at 12,307.58.

* Goldcorp up 4.9 percent

* Materials group leads index’s rise

By John Tilak

TORONTO, Oct 25 (Reuters) - Canada’s main stock index rose 1 percent on Thursday as strong results from miner Goldcorp Inc and encouraging global economic data helped lift stocks across all sectors.

Goldcorp, Canada’s second-biggest gold miner, posted a 48 percent rise in quarterly profit, sending its shares up 4.9 percent to C$42.78. It was the most heavily weighted riser on the index.

Its results helped boost the index’s materials group, which was up 1.76 percent. The energy group rose nearly 0.75 percent, and financials were up 0.59 percent. Together the three sectors make up nearly 75 percent of the index’s weight.

The better-than-expected economic data pushed up commodity prices. Brent crude oil was up around $109 a barrel. Gold prices rose as well, off seven-week lows hit on Wednesday. [ID: nL5E8LPG3M]

The market’s rise was as much a reflection of higher gold prices as of Goldcorp’s results, said Craig Fehr, Canadian market strategist at Edward Jones. “The rise in gold prices is helping companies like Goldcorp.”

Barrick Gold, Canada’s biggest gold miner, was up 2.45 percent at C$39.28.

The Toronto Stock Exchange’s S&P/TSX composite index broke a four-day skid, climbing 122.56 points, or 0.92 percent, to 12,307.58. All 10 of the index’s main groups were higher.

“It’s a rebound in markets across the board. Investors are taking a pause, making some profits in some areas and trying to gauge the next move in the market,” said Philip Petursson of the portfolio advisory group at Manulife Asset Management.

Positive economic data from Britain, China and a commitment by the U.S. Federal Reserve to stick with its stimulative monetary policy all helped support shares. [ID: nL5E8LP3ZY]

Britain’s recession ended in the third quarter as the London Olympics boosted quarterly GDP growth to the strongest level in five years, official data showed. [ID: nL5E8LP6AS]

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