April 8, 2011 / 8:48 PM / 8 years ago

CANADA STOCKS-TSX up 100 points as commodities rally

 * TSX ends up 100.66 points, or 0.71 pct, at 14,208.43
 * Seven of 10 sectors advance  (Updates with details, quotes)
 By John McCrank
 TORONTO, April 8 (Reuters) - Toronto’s main stock index rose 100 points on Friday as rallying commodity prices, including a record high for gold, gave a bid to heavily weighted resource shares.
 Among the top gainers were Goldcorp (G.TO), up 2.38 percent at C$52.14, Silver Wheaton SLW.TO, up 2.96 percent at C$44.92, and Suncor Energy (SU.TO), up 3.19 percent at C$44.67.
 “The TSX seems to be bucking the trend as far as some of the other North American markets are concerned and that’s largely because of our disproportionate weighting in commodities and energy, both of which are having a banner day today,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
 Seven of the index’s 10 sectors advanced, led by the energy group, up 1.74 percent, and the mining-heavy materials group, up 1.05 percent. Together those groups make up roughly half of the Toronto exchange’s main index.
 A weak greenback and intense fighting in Libya pushed U.S. crude prices above $113 a barrel, their highest level in 30 months, and Brent crude futures settled above $126 a barrel, for a 32-month high.
 Meanwhile, the threat of a U.S. government shutdown, coupled with inflation fears, helped gold rise to a record high for the fourth straight day, touching $1,474.60 an ounce.
 Silver rose 2.4 percent, and copper rose about 2 percent, to its highest level in a month. [O/R] [GOL/] [MET/L]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended up 100.66 points, or 0.71 percent, at 14,208.43.
 Canada jobs data for March may have helped market sentiment. Although some jobs were unexpectedly lost, there was a surge in full-time employment, reflecting solid growth. [ID:nN08228750]
 “The market has shrugged off the weak labor report, looking, I think, more at the details than the headline number with the loss of jobs,” said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.
Media and telecom company Cogeco Inc (CGO.TO) and its main Cogeco Cable (CCA.TO) unit posted lower than expected quarterly profits on Friday, squeezed by rising costs, an early debt repayment and intense competition faced by a Portuguese operation. Shares of Cogeco ended down 0.75 percent at C$42.10.
 Equinox Minerals EQN.TO gained 2.27 percent to C$7.67 after it said a $6.6 billion takeover bid from China’s Minmetals Resources was too low, leaving the door open to a rival offer as miners vie for access to valuable copper deposits. [ID:nL3E7F801Y]
 Loblaw Cos (L.TO) rose 2.35 percent to C$38.82 after the grocer said after market close on Thursday it plans to buy back up to 5 percent of its shares outstanding through a normal course issuer bid. [ID:nN07292640]
 ($1=$0.96 Canadian)  (Reporting by John McCrank; editing by Peter Galloway)                                        

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