November 30, 2010 / 4:05 PM / 8 years ago

CANADA STOCKS-TSX hits 3-week high as golds, RIM lead way

*TSX up 0.78 pct at 12,996.62

* RIM surges about 6 pct on analysts’ upgrades

* U.S. data offsets disappointing Canada GDP figure (Adds details throughout)

TORONTO, Nov 30 (Reuters) - Toronto’s main stock index pushed to a three-week high on Tuesday morning as gold-mining shares and Research In Motion rose, pushing aside concerns over soft third-quarter Canadian GDP numbers and euro zone debt woes.

All 10 of the index’s sectors were higher, led by a 1.9 percent gain in the materials group with gold miners rallying as euro zone jitters pushed gold to a 2-1/2 week

Strong advancers included Barrick Gold (ABX.TO), up 2.9 percent to C$52.65, while Kinross (K.TO) rose 1.6 percent to C$17.94.

The infomation tech group, up more than 2 percent, was supported by Research In Motion RIM.TO, which soared 5.8 percent to C$63.51 on analysts’ upgrades. [ID:nWNAB5701] [RCH/CA]

The BlackBerry maker is also about to take the next step in mobile computing as it puts the finishing touches on its new PlayBook tablet, due to be released early next year. [ID:nN29230611] [ID:nN27231916]

At 10:28 a.m. (1528 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was at its highest point since Nov. 9, up 100.97 points, or 0.78 percent, at 12,996.62.

Further support was drawn from several U.S. economic indicators, which showed business activity in the U.S. Midwest grew faster than expected in November, while consumer confidence in November rose to its highest level in five months. [ID:nN30220423] [ID:nN30178922]

“What’s really stunning is that looking at Canada vis-a-vis the rest of the world how it’s as if the market is trying to say that we’re immune to any European crisis,” said Francis Campeau, broker at MF Global Canada in Montreal.

“Consumer confidence just came out and the market continues on its trend higher.”

The advance on TSX’s main index was in contrast to a weak start on Wall Street, while the European session was choppy, as uneasiness about euro zone debt problems weighed on investor sentiment even after Ireland’s bailout.

In Canada, economic growth disappointed in the third quarter with the weakest growth rate in a year, while the economy shrank outright in September, adding pressure on policymakers to safeguard the patchy recovery. [ID:nN30202447]

$1=$1.03 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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