*TSX up 50.76 points at 13,382.08
*Six of 10 sectors stronger (Updates with details, comments)
By Claire Sibonney
TORONTO, Jan 21 (Reuters) - Toronto’s main stock index rose on Friday morning with strong U.S. earnings boosting investor morale and base-metal mining, energy and financial shares all firmer.
After falling more than 2 percent on Thursday, the price of copper edged higher as the U.S. dollar fell on Friday, sending base-metal miners up 0.8 percent. [MET/L]
First Quantum Minerals (FM.TO) rose 0.8 percent to C$113.23 and Inmet Mining IMN.TO jumped 1.6 percent to C$77.47.
Energy shares were also higher, up 0.9 percent despite a slip in oil prices. [O/R] Suncor Energy (SU.TO) advanced almost 1 percent to C$38.03, while Canadian Natural Resources (CNQ.TO) gained 0.6 percent to C$42.31.
“We’re seeing some strength out of oil and gas and basic materials, which were quite weak this week overall,” said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver. “But today we’re seeing some broad (U.S.) dollar weakness via the euro and other currencies so that could be giving a little optimism that commodity prices have stabilized a bit.”
Stronger U.S. stock markets also provided a lift. General Electric (GE.N) reported better-than-expected earnings, while Google Inc’s (GOOG.O) fourth-quarter net revenues surpassed consensus. [.N]
At 10:21 a.m. (1521 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 50.76 points, or 0.4 percent, at 13,382.08. Six of the index’s 10 main groups were higher, including financials, up 0.1 percent.
Zohny cautioned that an options expiration on Friday could spur volatility later in the day.
He said that next week focus will shift towards a U.S. Federal Reserve meeting and U.S. President Barack Obama’s State of the Union address.
Potash Corp POT.TO rose 1.6 percent to C$163.79 after potash marketing company Canpotex Ltd signed a deal with China’s Sinofert Holdings Ltd to supply 600,000 tons of potash during the first six months of 2011.
While Canpotex, the overseas potash marketing arm of Potash Corp, Mosaic (MOS.N) and Agrium AGU.TO, did not specify the price, it suggested it is similar to recently established prices for new seaborne imports of potash to China. [ID:nSGE70J0DN] Agrium rallied almost 2 percent to C$88.98.
Canadian health sciences company Nordion Inc NDN.TO surged nearly 11 percent to C$11.18 after reporting a fourth quarter profit from continuing operations on Thursday. [ID:nN20154930]
($1=$0.99 Canadian) (Reporting by Claire Sibonney; editing by Peter Galloway)