April 21, 2011 / 8:42 PM / 8 years ago

CANADA STOCKS-TSX rises as commodities rally on weak US$

 * TSX rises 74.54 points, or 0.54 pct to 13,972.02
 * Six of 10 sectors up, led by materials on gold record  (Updates to close, adds details, quotes)
 By Claire Sibonney
 TORONTO, April 21 (Reuters) - Toronto’s main stock index jumped to its highest level in more than a week on Thursday, buoyed by strong North American corporate results and commodity prices that rose as the U.S. dollar fell.
 Boosted by higher metals prices, including record-high gold and soaring silver, the index’s materials sector climbed 1 percent, leading the market’s advance. [GOL/] [MET/L]
 Barrick Gold (ABX.TO) was up 1.5 percent at C$53.07, while Silver Wheaton SLW.TO rallied 1.7 percent to C$40.45 after an analyst upgrade. [ID:nWNBB7941]
 “It’s all a product of people losing faith in the U.S. currency and they want some safety, something secure and they’re picking up the metals,” said John Kurgan, senior market strategist at commodity futures brokerage Lind-Waldock Canada.
 The greenback tumbled for a third straight day to near a record low against a broad basket of currencies, making commodities priced in U.S. dollars cheaper for foreign investors. [FRX/]
 “Silver to me is getting kind of bubbly here,” Kurgan said, noting prices have risen 70 percent in the last three months.
 U.S. crude prices were also stronger, rising above $112 a barrel and lifting the index’s energy group 0.8 percent. Suncor Energy (SU.TO) was up 1.6 percent at C$43.18 and was the index’s heavyweight gainer.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 74.54 points, or 0.54 percent, at 13,972.02. Six of the index’s 10 sectors rose, including financials, up 0.6 percent.
 The index was at its highest level since April 12 and rose 1.3 percent on the week.
 Investors cheered stellar earnings and outlooks from U.S. companies such as General Electric Co, Morgan Stanley, and Apple Inc — which blew past Wall Street expectations. [.N]
But enthusiasm was tempered by underwhelming U.S. jobless numbers and caution ahead of the long weekend. North American markets will be shut on Friday for the Easter holiday.
On the Canadian earnings front, Celestica shares (CLS.TO) jumped almost 5 percent to C$10.54 after the contract electronics maker’s quarterly results topped estimates. [ID:nN21245972]
 Canadian Pacific Railway (CP.TO) fell 0.9 percent to C$59.75 after it reported a 67 percent drop in quarterly profit as harsh winter weather hampered train operations. [ID:nL3E7FL2GQ]
($1=$0.95 Canadian)  (Additional reporting by Ka Yan Ng; editing by Peter Galloway)                                        

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