November 30, 2010 / 10:42 PM / 8 years ago

CANADA STOCKS-TSX rallies as gold miners, RIM shine

   * Rises 57.23 points, or 0.44 pct, to 12,952.88.
 * Five of the index’s 10 main groups lower
 * Research In Motion up 5.4 percent
 * Gold prices rise  (Adds details)
 By Solarina Ho
 TORONTO, Nov 30 (Reuters) - Toronto’s main stock index finished higher on Tuesday as rising bullion prices pushed up gold miners and the market brushed off soft Canadian growth numbers and worries over the European debt crisis.
 Five of the index’s main sectors were lower, however, as the TSX retreated from the 1 percent gains reached earlier in the afternoon.
 Materials issues finished 2.19 percent higher, powered by gold miners, which were buoyed by a more than a 1 percent rise in bullion prices as European debt concerns fueled safe-haven buying of the precious metal. [GOL/]
 Leading the rally was Barrick Gold (ABX.TO), which jumped 3.36 percent to C$52.19, and Goldcorp (G.TO), which rose 1.88 percent to C$46.59.
 Diversified miner Teck Resources TCKb.TO also helped the sector’s strong performance, advancing 3.47 percent to C$51.01. Agnico Eagle (AEM.TO) jumped 4.2 percent to C$83.08.
 Research In Motion RIM.TO shares were among the top market movers, jumping 5.4 percent to C$63.25 after an analyst praised the BlackBerry maker’s new QNX operating system and upgraded its rating on RIM to “buy”. [ID:nN30271282]
 RIM is also putting the finishing touches on its new PlayBook tablet, due to be released early next year. [ID:nN29230611] [ID:nN27231916]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 57.23 points, or 0.44 percent, at 12,952.88. The index rose more than 2 percent in November, its fifth consecutive monthly gain.
 “Overall, it’s been a pretty good day for the TSX. We’ve managed to shake off a couple of negative factors,” said Elvis Picardo, an analyst and strategist at Global Securities.
 “The selloff that you’re seeing late in the last hour of trading, it could be because of people squaring positions before the close of the day. In the overall scheme of things, the TSX strength today is a little unusual,” Picardo said.
 Investors brushed off news that Canada’s economy had the weakest growth rate in a year in the third quarter and that gross domestic product shrank outright in September.
 Analysts said the weak data could keep interest rates unchanged for a longer period than expected. [ID:nN30202447]
 The market was also largely undeterred by worries from overseas, where investors dragged the euro lower due to concerns over debt levels in Portugal and Spain in the wake of Ireland’s crisis. [ID:nLDE6AT0Z0]
 “Even after Ireland got the majority of their bailout solidified, a lot of the tensions are now being paid to Portugal and Spain as well as Belgium today,” said Youssef Zohny, an associate portfolio manager at Van Arbor Asset Management.
 Offsetting the strength in the TSX materials group were the financial stocks, down 0.47 percent, and the energy group, 0.08 percent lower.
 Royal Bank of Canada (RY.TO), which reports quarterly earnings on Friday, was the biggest market mover on the downside, falling 0.78 percent to $54.95.
 Suncor Energy (SU.TO) skidded 0.61 percent to C$34.48.
 In individual company news, National Bank of Canada (NA.TO), which reported a 19 percent jump in quarterly profit and announced a dividend hike after markets closed, finished down 1.29 percent at C$67.84. [ID:nN30174732]
 ($1=$1.03 Canadian)  (Editing by Rob Wilson)                                        

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