March 26, 2012 / 2:38 PM / 7 years ago

CANADA STOCKS-TSX gets lift from German data, Bernanke

* TSX up 71.32 points, or 0.57 pct, at 12,536.98

* Eight of 10 main sectors higher

* Materials, energy lead way up

By Jennifer Kwan

TORONTO, March 26 (Reuters) - Toronto’s main stock index climbed on Monday, supported by higher materials and energy issues, as German data and comments by U.S. Federal Reserve Chairman Ben Bernanke lifted investors’ confidence about the global economic outlook.

Gainers included Suncor Energy, up 0.7 percent at C$33.02 as the price of oil steadied following a Friday’s sharp sell-off.

Goldcorp Inc climbed 1.1 percent to C$45.08 as bullion shot higher after Bernanke said faster growth will be needed to lower unemployment, suggesting the central bank would continue supportive monetary policies.

Toronto followed other stock markets higher after data showed German business sentiment rose unexpectedly for the fifth month in a row in March. The upbeat reading suggested that Europe’s largest economy is more resilient than others tied to the euro-zone debt crisis.

Bernanke’s comments pushed equities higher and the U.S. dollar lower.

“They’re trying to shore up the economy. If they continue to do that, and, it seems to be working so far, obviously that means an increase hopefully in business activity,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.

“When the U.S. economy is burning on at least a few cylinders ... obviously it helps other economies around the world and hopefully we’ll all benefit from it.”

At around 10:15 a.m. (1415 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 71.32 points, or 0.57 percent, at 12,536.98, with the majority of its 10 main sectors higher.

Financials were also higher by 0.6 percent, with Royal Bank of Canada up 0.9 percent at C$58.53 and Bank of Nova Scotia up 1 percent at C$56.77.

SNC-Lavalin Group Inc sank 0.7 percent at C$38.98. The engineering and construction company reported fourth-quarter results and said its chief executive, Pierre Duhaime, resigned after it had identified material weaknesses in its internal control over financial reporting.

Canada’s Valeant Pharmaceuticals International Inc, up 1.3 percent at C$54.40, said it agreed to buy Russian pharmaceutical company Natur Produkt International, JSC for about $180 million, with an additional $5 million in potential future payments.

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