November 8, 2013 / 4:13 PM / 7 years ago

CANADA STOCKS-U.S. jobs data drives TSX gains; golds tumble

* TSX rises 44.20 points, or 0.33 percent, to 13,338.40
    * Eight of 10 main index sectors advance
    * Talisman climbs 2.2 percent on plans to sell assets

    By John Tilak
    TORONTO, Nov 8 (Reuters) - Canada's main stock index
advanced on Friday after data showing a surprise acceleration in
U.S. jobs growth boosted most of the index's major sectors,
offsetting a drop in the price of bullion and in shares of gold
    The market was also supported by a jump in Talisman Energy
Inc after the oil producer said it would sell a stake
in its natural gas assets in British Columbia's Montney field to
Malaysia-controlled Progress Energy Canada Ltd for C$1.5 billion
($1.44 billion). 
    Investors cheered as jobs growth in the United States
unexpectedly picked up in October despite the federal government
shutdown that month, signaling the U.S. budget standoff had a
more limited impact on the economy than initially feared. The
employment figure, however, also raised market anxiety that the
U.S. Federal Reserve might pull back on its stimulus program
sooner than expected.  
    "That's got positive implications for the economy but maybe
puts in a bit of fear that tapering might occur sooner," said
Michael Sprung, president of Sprung Investment Management. 
    "The recovery is taking hold but is doing so at not at a
very fast pace," added, noting an increase in the U.S.
unemployment rate.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 44.20 points, or 0.33 percent, at 13,338.40. 
    The Canadian benchmark index has made a gain of about 4
percent in the past month.
    Eight of the 10 main sectors on the index were higher on
    Financial shares jumped almost 1 percent, with Royal Bank of
Canada climbing 0.8 percent to C$70.40 and
Toronto-Dominion Bank gaining 0.8 percent to C$96.59.
    The energy sector rose 0.8 percent. Suncor Energy Inc
 climbed 1.5 percent to C$36.61. Talisman rose 2.2
percent to C$12.49.
    But gold-mining shares dropped 1.6 percent, reflecting a
sharp fall in the price of bullion. 
    Goldcorp Inc declined 1.2 percent to C$25.20, and
Barrick Gold Corp shed 1.1 percent to C$18.78.
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