April 2, 2013 / 3:34 PM / 6 years ago

CANADA STOCKS-TSX advances as bank gains offset golds

* TSX rises 33.48 points, or 0.11 percent, to 12,708.62
    * Nine of 10 main index sectors advance
    * TransCanada up after West-East oil pipeline plan update

    By John Tilak
    TORONTO, April 2 (Reuters) - Canada's main stock index rose
on Tuesday, with strength in the financial sector offsetting a
decline in gold miners and with the market taking some
encouragement from mixed U.S. and European economic data.
    The positive investor sentiment also helped lift U.S. and
European stocks, but lack of safe-haven interest sent the price
of gold to a 2-1/2 week trough. That limited the gains of
Toronto's stock market, which has a heavy weighing of gold
    Markit's Eurozone Manufacturing PMI fell in March but topped
a preliminary estimate. In the United States, new orders for
factory goods rose in February but a gauge of planned business
spending slipped, an indication factory activity was expanding
at a modest pace.  
    "The market is locked in sideways action," said John Ing,
president of Maison Placements Canada. "There's a gap between
the market enthusiasm and the economic reality." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 33.48 points, or 0.11 percent, at 12,708.62.
Nine of the 10 main sectors on the index were higher.
     The materials sector, which includes mining stocks, was
down 1.5 percent as the price of bullion declined 1.2 percent.
  Goldcorp Inc slid 1.9 percent to C$33.32, and
Barrick Gold Corp fell 1.4 percent to C$29.06.
    Financials, the index's weightiest sector, added 0.5
percent. Royal Bank of Canada, the country's biggest
bank, was up 0.6 percent to C$61.62.
    Energy shares climbed 0.2 percent. Suncor Energy Inc 
gained 0.6 percent to C$31.01.
    Shares of TransCanada Corp rose 0.5 percent to
C$49.54 after it said it has begun to seek commitments from
parties interested in transporting crude oil from Western Canada
to Eastern Canadian markets on a natural gas pipeline it intends
to convert to oil.
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