October 8, 2010 / 3:03 PM / 7 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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