April 9, 2010 / 8:51 PM / 9 years ago

CANADA STOCKS-Miners push TSX higher; gains for fourth week

* TSX up 0.52 percent at 12,176.84

* Miners lead rally as gold, copper price rallies

* Modest Canada job gains in March (Updates to close)

By Ka Yan Ng

TORONTO, April 9 (Reuters) - Toronto’s main stock index finished a volatile week higher on Friday with broad gains backed by a rise in the price of gold and optimism that Canada’s economic recovery is on track.

The index’s materials group rose 1.13 percent as gold hit its highest level this year, boosting shares of Barrick Gold Corp (ABX.TO), the world’s biggest gold producer, which gained 0.95 percent to C$41.49. Kinross Gold (K.TO) jumped 1.63 percent to C$18.67. [GOL/]

Other metals prices, including copper, which neared $8,000 a tonne, were also firmer, helping base metals miner Teck Resources gain 1.7 percent to C$45.97. [MET/L]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished 63.31 points, or 0.52 percent, higher at 12,176.84. It was up 0.2 percent on the week, its fourth straight weekly gain, after hitting an 18-month high on Monday.

Data showed fewer Canadians returned to work in March than expected but the three-month hiring trend was the strongest since the financial crisis intensified in the autumn of 2008, suggesting economic recovery is entrenched. [ID:nN09253705]

“Any month we are creating jobs is positive,” said Barry Schwartz, a portfolio manager at Baskin Financial Services.

“I wouldn’t say we are in a full-blown recovery but we’re certainly off the bottom nicely.”

$1=$1.00 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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