December 10, 2009 / 5:14 PM / 9 years ago

CANADA STOCKS-TSX edges higher, led by energy shares

 * TSX up 0.28 percent at 11,411.17
 * Oil price lifts energy sector, gold shares drag
 * Gildan Activewear jumps after results  (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 10 (Reuters) - Toronto’s main stock index edged higher on Thursday as energy issues gained on the back of stronger oil prices, but weakness in gold miners, including Barrick Gold (ABX.TO), weighed on the market.
 Suncor Energy (SU.TO) rose 2.24 percent at C$36.44 while Talisman Energy Inc  TLM.TO gained 2.46 percent to C$17.94 after crude moved back above $71 a barrel, recovering after falling more than 2 percent in the previous session. [O/R]
 But market analysts warned buying interest and volumes were thin, with many investors starting to wind down activity.
 “It’s very hard as we go through next week. Liquidity sort of dries up in the marketplace as we go into the later part of December,” said Paul Harris, portfolio manager at Avenue Investment Management.
 “It’s going to cause a damper on the marketplace and any kind of big swing will not happen.”
 At 11:40 a.m. (1640 GMT), the S&P/TSX composite index .GSPTSE was up 31.95 points, or 0.28 percent, at 11,411.17.
 Also helping to lead the market higher was base metals and coal producer Teck Resources TCKb.TO, which rose 2.88 percent to C$37.50.
 North America’s largest T-shirt maker, Gildan Activewear Inc. (GIL.TO)  saw its share surge 10.74 percent to C$23.30, after reporting its fourth-quarter profits nearly doubled, helped mostly by lower manufacturing costs. [ID:nN10116253]
 But the gold sector weighed on the broader market as the price of bullion traded below levels seen in New York late on Wednesday. [GOL/]
 Barrick, the world’s largest gold producer, fell 1.15 percent at C$43.02, while smaller rival Goldcorp Inc (G.TO) was down 0.54 percent to C$42.74.
 In economic news, Canada unexpectedly returned to a trade surplus in October after three months of deficits as exports to the United States picked up steam. [ID: nN10154628]  (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)   

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