October 8, 2010 / 3:03 PM / 8 years ago

CANADA STOCKS-TSX rises modestly despite weak jobs data

   * TSX climbed 25.95 points, or 0.21 percent to 12471.88
 * Six of the TSX’s main sectors are up
 * Potash Corp, Research in Motion help lift market
 (Adds details, quotes)
 By Solarina Ho
 TORONTO, Oct 8 (Reuters) - Toronto’s main index rose modestly on Friday despite weaker jobs data in Canada and the United States, as investors took the data as a signal central banks will continue or try harder to stimulate the economy.
 Canada’s economy lost 6,600 jobs in September, reducing the already unlikely chance the Bank of Canada will raise rates again this month. [ID:nN08200558]
 South of the border, the U.S. economy shed more jobs for the fourth straight month, strengthening expectations the Fed will take action to boost a recovery. [ID:nN08205203]
 “There’s a bit of a collective sigh of relief,” said Bob Gorman, chief portfolio strategist at TD Waterhouse.
 “The numbers are not fabulous, but those that were coming out earlier in the week suggested it could’ve been worst. That’s probably why you’re seeing things trading in a narrow range and a touch to the positive side at this stage.”
 The strongest performing sector was the key materials group, up 1.1 percent as metal prices rose on the back of a softer U.S. dollar, which fell on the jobs data. [MET/L]
 Ivanhoe Mines (IVN.TO) was up 1.8 percent at C$24.63, while Teck Resources TCKb.TO advanced 2 percent to C$44.77.
 At 10:27 a.m. (1427 GMT) the S&P/TSX composite index .GSPTSE climbed 25.95 points, or 0.21 percent to 12,471.88. Six of the TSX’s main sectors were in the black.
 Potash Corp POT.TO, fending off a hostile bid from BHP Billiton, climbed 1.9 percent to C$146.26. China’s Sinochem was seeking a nod from Canada to make a Potash bid and was willing to make major concessions to ease concerns, according to a newspaper report. [ID:nSGE6970DE]
 BlackBerry maker Research in Motion RIM.TO rose 0.86 percent to C$49.28. The gain came after state news WAM agency said the United Arab Emirates will not suspend BlackBerry services on Oct. 11 after resolving a dispute with RIM over access to email and other data. [ID:nLDE6970AM]  (Editing by Jeffrey Hodgson)                                         

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