February 10, 2014 / 4:03 PM / 6 years ago

CANADA STOCKS-Gold miners rise, lift TSX to two-week high

* TSX rises 40.68 points, or 0.30 percent, to 13,827.18
    * Five of 10 main index sectors advance
    * Gold-mining shares jump 2.4 percent
    * Cameco drops 5.2 percent after quarterly report

    By John Tilak
    TORONTO, Feb 10 (Reuters) - Canada's main stock index
climbed on Monday to a two-week high after caution about U.S.
economic growth helped fuel a jump in the price of bullion,
driving up shares of gold miners.
    Investors digested Friday's sluggish U.S. jobs report and
looked ahead to testimonies by U.S. Federal Reserve Chair Janet
Yellen at Congressional committees later this week.
    The market has been anxious for clues about the Fed's
monetary policy direction after Yellen took over from Ben
Bernanke last week.
    Despite sharp selloffs in recent weeks due to concerns about
weak growth in emerging markets, the Toronto market is up about
1.5 percent this year and has outperformed U.S. stocks. It was
up for a fifth straight session on Monday.
    "Is the correction over? It's certainly acting that way,"
said David Cockfield, managing director and portfolio manager at
Northland Wealth Management.
    With some of the resource sectors starting to perform
better, investors are feeling more optimistic about Canadian
equities, he added.
    Cockfield expects the Canadian benchmark index to end 2014
higher and sees the U.S. market turning negative. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 40.68 points, or 0.30 percent, at 13,827.18,
after rising to as much as 13,832.84.
    Five of the 10 main sectors on the index were higher.
    Shares of gold producers rose 2.4 percent, reflecting a near
1-percent gain in the bullion price. Barrick Gold Corp 
climbed 2.2 percent to C$21.33, and Goldcorp Inc advanced
2.1 percent to C$28.84.
    Financials, the index's most heavily weighted sector, added
0.3 percent. Toronto Dominion Bank gained 0.6 percent to
C$48.87, and Bank of Montreal rose 0.8 percent to
    With the price of Brent crude oil slipping, several
energy stocks declined. Canadian Natural Resources Ltd 
was down 0.7 percent at C$37.57.
    In corporate news, shares of Cameco Corp tumbled
5.2 percent, to C$22.21, after the uranium miner reported
weaker-than-expected quarterly results on Friday. The stock had
the biggest negative influence on the market.
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