November 13, 2009 / 9:27 PM / 9 years ago

CANADA STOCKS-TSX climbs as gold stocks, Suncor rise

 * TSX up 46.92 points at 11,407.68
 * Index up 1.4 percent for the week
 * Suncor budgets C$5.5 bln for 2010 capex  (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Nov 13 (Reuters) - Toronto’s main stock index finished higher on Friday as stronger bullion prices pushed up shares of miners like Barrick Gold (ABX.TO) and Goldcorp (G.TO).
 Barrick, the top influential advancer on the index, rose 1.9 percent to C$45.10, while Goldcorp (G.TO) was also up 1.9 percent at C$46.25 as the price of bullion traded within striking distance of its record high. [GOL/]
 “The action on the upside is being led by the materials stocks, specifically the big gold producers. That is to be expected because gold seems to be reaching new highs practically every week,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
 Suncor was also a top gainer, up 1.2 percent at C$36.89, after the country’s biggest oil company said it would budget C$5.5 billion for capital expenditures next year and would restart construction at an oil sands project. [ID:nBNG481094]
 Earlier, weak U.S. economic data threatened to tug the market lower. U.S. consumer sentiment fell in early November amid a grim outlook for future job prospects, while a larger than expected trade deficit had economists scaling back estimates for third quarter economic growth. [ID:nN13463684]
 “The market reaction was quite negative when the news was released,” Francis Campeau, broker at MF Global Canada, in Montreal, said of the consumer sentiment reading.
 However, U.S. stocks managed to climb higher as investors focused on retail shares, which rose as department store operator JC Penney Co Inc (JCP.N) said earnings for the holiday quarter could beat estimates. And clothing retailer Abercrombie & Fitch Co (ANF.N) posted better-than-expected results.[.N]
 The S&P/TSX composite index .GSPTSE rose 46.92 points, or 0.41 percent, at 11,407.68, with six of its 10 main sectors higher. The index is up 1.4 percent for the week.
 ($1=$1.05 Canadian)  (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)                                      

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