April 6, 2015 / 3:18 PM / 3 years ago

CANADA STOCKS-TSX gains as resource shares track commodity prices higher

* TSX up 60.06 points, or 0.4 percent, at 15,086.68

* Eight of the index’s 10 main groups rise

* Materials group up 1.64 percent, energy up 1 percent

By Solarina Ho

TORONTO, April 6 (Reuters) - Canada’s main stock index was broadly higher on Monday with gold-mining shares, bolstered by rising bullion prices, leading the charge.

A much weaker-than-expected U.S. jobs report for March on Friday was the latest in a recent string of weaker U.S. economic data that has added to growing speculation the Federal Reserve will delay a much anticipated interest rate hike.

“Our view is that rates are staying lower for longer,” said Bryden Teich, associate portfolio manager at Avenue Investment Management.

“So for us, I think it’s positive for risk assets and positive for equities because rates aren’t really going up aggressively in the next little bit.”

Gold prices touched a one-month high during the session, with the precious metal’s status as a safe-haven asset burnished by the possibility of a U.S. rate hike delay. Gold futures rose 1.79 percent to $1,222.4.

Two of the most influential movers on the index were gold miners: Barrick Gold Corp, which rose 3.08 percent to C$15.39, and Goldcorp Inc, which advanced 2.58 percent to C$24.28.

The overall materials group, home to gold shares, climbed 1.64 percent.

At 10:47 a.m. EST (1447 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 60.06 points, or 0.4 percent, at 15,086.68.

Of the index’s 10 main groups, eight were in positive territory.

Another heavyweight mover was Royal Bank of Canada. Its shares rose 0.51 percent to C$77.19. The heavily weighted financial group climbed 0.30 percent.

Energy stocks were up about 1 percent, rising in tandem with crude prices, which rose after Saudi Arabia hiked its oil prices for Asia for a second month in a row.

Canadian Natural Resources was up 1.09 percent at C$39.75 and Enbridge Inc rose 0.79 percent to C$61.06. Crescent Point Energy Co climbed 2.48 percent to C$30.58.

At midmorning, advancing issues on the TSX index outnumbered declining ones by 191 to 49, for a 3.90-to-1 ratio.

$1=$1.24 Canadian Editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below