August 16, 2010 / 8:51 PM / 9 years ago

CANADA STOCKS-TSX edges higher as gold miners rise

*TSX up 24.51 points, or 0.21 percent, at 11,552.76

*Six of TSX’s 10 main sectors higher

*RIM, down 4.6 percent, weighs on index (Updates to close, adds details)

By Jennifer Kwan

TORONTO, Aug 16 (Reuters) - Toronto’s main stock index ended slightly higher on Monday as gold miners got a boost from strong bullion prices, which climbed on persistent concern about the pace of economic recovery.

Gold rose to a 1-1/2 month high on Monday, gaining for a third consecutive session, after gloomy Japanese economic data prompted safe-haven buying by investors worried about the global economy. [GOL/] [MKTS/GLOB] For details, see [ID:nTOE67901S]

Barrick Gold (ABX.TO), the world’s No. 1 gold producer, rose 1.8 percent to C$45.59, while fellow miner Goldcorp (G.TO) was up 2.2 percent at C$42.25.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the day up 24.51 points, or 0.21 percent, at 11,552.76 with six of its 10 main sectors higher.

Economic concerns kept the TSX at the break-even level for most of the day, mimicking Friday’s cautious market performance, said David Baskin, president of Baskin Financial Services Inc.

The resource-heavy TSX index shed 2.3 percent last week as investors fretted about the pace of recovery, worries spurred in part by weaker growth in the United States.

“The one thing that everybody agrees is a real problem is (U.S.) employment. Until we see that improves I think you’re going to see a zigzag pattern,” Baskin said.

“It’s a divided market and nobody really quite knows what’s going to happen next. When that happens you’re going to get days like today,” he added.

Energy shares were up 0.31 percent even though oil prices slipped. [O/R] Suncor Energy (SU.TO) rose 0.6 percent to C$33.11, and Canadian Natural Resources (CNQ.TO) fell 1.3 percent at C$33.90.

Research In Motion RIM.TO fell 4.6 percent to C$53.02 after an Indian government source said the BlackBerry maker had assured Indian authorities of limited access to its Messenger services by Sept. 1 and that the company will hold talks this week on giving the government access to enterprise mail. [ID:nSGE67F0KO]

$1=$1.04 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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