October 14, 2011 / 3:02 PM / 7 years ago

CANADA STOCKS-TSX gets boost from U.S. data, commodities

   * TSX up 71.22 points, or 0.6 pct at 11,983.11
 * Oil and gold higher on U.S. retail sales
 * Nine out of 10 sectors higher
 By Ashleigh Patterson
 TORONTO, Oct 14 (Reuters) - Toronto’s main stock index pushed higher Friday morning as healthy U.S. retail data and hopes for progress on the euro zone debt crisis boosted investor sentiment and lifted commodity prices .
 The energy and materials sectors led the gains, as Brent crude and U.S. oil futures rose more than $3 a barrel on optimism that Europe’s leaders would push forward with plans to resolve the region’s financial woes. [O/R]
 Energy companies were among the biggest gainers on the TSX Friday morning with Suncor Energy (SU.TO) rising 2.51 percent to C$29.87 and Canadian Natural Resources (CNQ.TO) gaining 2.77 percent to C$32.61.
 Cenovus Energy (CVE.TO) climbed 2.1 percent to C$34.98 and Canadian Oil Sands COS.TO gained 1.78 percent to C$22.29.
 “The price of oil is up a little bit, the price of gold is up $10 so it’s a bit of a positive on the commodities side. I think the TSX should remain positive today,” said Sal Masionis, stockbroker at Brant Securities.
  AT 10:21 a.m. (1421 GMT) the Toronto Stock Exchange’s S&P/TSX composite index was up 71.22 points, or 0.6 percent, at 11,983.11 .GSPTSE. Nine of the 10 main sectors were higher, with financials showing a slight decline.
 Promising U.S. retail sales data also helped buoy investor confidence, sending gold and copper higher despite Standard & Poor’s downgrade of Spain’s long-term credit rating. Gold is on track to post its biggest weekly gain in more than a month.
  Canadian miners were higher as bullion prices rose and the U.S. dollar fell.
 Teck Resources was a strong gainer, rising 2.96 percent to C$36.49, while Barrick Gold (ABX.TO) gained 1.19 percent to C$48.57.
 “The economic numbers that just came out and were much better than expected. That gives a relief rally because most of the economic news lately has been very bleak. This is good news coming in on retail sales,” said Masionis.
 Financials showed mixed results, with Manulife Financial (MFC.TO) rising 2.49 percent to C$12.77 and a number of the big six banks tracking lower.
 Extending losses from Thursday on disappointing results from U.S. bank JP Morgan Chase (JPM.N), Bank of Nova Scotia (BNS.TO) fell 0.42 percent to C$51.96. Royal Bank of Canada (RY.TO) slid 0.27 percent to C$47.69, while Toronto-Dominion Bank (TD.TO) skidded 0.07 percent to C$74.57.
 ($1=$1.02 Canadian)  (Reporting by Ashleigh Patterson; editing by Rob Wilson)                 

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