April 12, 2012 / 2:38 PM / 7 years ago

CANADA STOCKS-Gold miners lead way for rebounding TSX

* TSX rises 73.24 points, or 0.6 pct, at 12,100
    * Golds, base metals lead market higher

    By Claire Sibonney	
    TORONTO, April 12 (Reuters) - Toronto's main stock index
pushed higher for a second session on Thursday, recovering from
a string of losses as gold miners and other materials issues
continued to recover following some encouraging remarks by U.S.
and European policymakers. 	
    Among the most influential advancers, Barrick Gold 
climbed 2 percent to C$42.03, Goldcorp Inc was up 1.9
percent to C$41.57 and Teck Resources jumped 3.5
percent to C$36.61.	
    "The commodities are leading the charge after being kicked
in the shins this year and last year. People are sniffing around
for bargains," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services.	
    Eldorado Gold was also a heavy gainer, surging 7.5
percent to C$13.89 after the company said it expects annual gold
production to touch 1.7 million ounces within five years as it
brings new mines into production. 	
    At 10:21 a.m. (1421 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 73.24 points, or 0.6
percent, at 12,100.	
    European debt market fears returned to the fore after
Italian three-year borrowing costs rose more than a percentage
point at the auction, boosted by new concerns about weaker euro
zone states. 	
    However, markets have been encouraged after ECB Executive
Board member Benoit Coeure sought to calm nerves on Wednesday,
saying the ECB still has its bond-buying program as an option to
ease funding pressures for indebted countries. 	
    Also on Wednesday, the U.S. Federal Reserve's influential
vice-chair Janet Yellen said the Fed's ultra-easy monetary
policy was appropriate given high unemployment and the headwinds
facing the economy, and left the door open to further action if
    "Investors always forget that policymakers and government
officials have the ability to intervene in times of stress and
adding some calming words doesn't hurt," added Schwartz.	
    "Whether it's the vice-chair of the Fed saying that we'll
continue to be accommodative or the ECB saying that all options
on the table and China reducing the bank reserves to try to
kick-start their economy, governments are in control so the doom
and gloom can only last for so long."	
    Data from China on Thursday showed bank lending trumped
forecasts to spike to 1.01 trillion yuan ($160 billion) in
March, a sign of fresh traction in Beijing's bid to boost credit
creation to support the cooling economy.
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