February 5, 2010 / 9:38 PM / 9 years ago

CANADA STOCKS-Golds help TSX fight back from 3-month low

 * TSX up 94.36 points, or 0.85 percent, at 11,223.12
 * Index rises 1.2 percent on the week
 * Rally by gold miners boosts market; Barrick up 5.5 pct  (Updates to close, adds quote)
 TORONTO, Feb 5 (Reuters) - Toronto’s main stock market index fought its way to a higher close on Friday, pushed up by Barrick Gold (ABX.TO) and other heavyweight gold miners, after touching a three-month low earlier in the day.
 Barrick led big names on the upside, climbing 5.5 percent to C$38.45, while Goldcorp (G.TO) rose 7.3 percent to C$38.19. Among other gold miners, Agnico-Eagle (AEM.TO) climbed 7.8 percent to C$58.28, and Kinross Gold (K.TO) rose 5.8 percent to C$18.55.
 The miners were helped higher by firmer spot gold prices XAU= [GOL/], which rebounded from sharply lower levels earlier in the day, said Francis Campeau, broker at MF Global Canada, in Montreal.
 He said investors were also repositioning at the end of the week after the recent market selloff.
 “The move higher was done in such a swift manner it can’t be anything more, at this point, than a short squeeze,” Campeau said.
 “It’s all over the place. A lot of jitters, lots of volatility,” he said of Friday’s market action.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the day up 94.36 points, or 0.85 percent, at 11,223.12. Earlier in the session, it touched its lowest level since early November.
 The index rose 1.2 percent on the week.
 ($1=$1.06 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                       

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