November 30, 2010 / 10:07 PM / 8 years ago

CANADA STOCKS-TSX rises as gold miners, RIM shine

   * Index rises 57.23 points, or 0.44 percent, 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 sovereign debt crisis.
 Five of the index’s main sectors were lower, however, as it retreated from the 1 percent gains reached earlier this afternoon.
 Materials issues were 2.19 percent higher, powered by gold miners, which were buoyed by a more than a 1 percent rise in gold prices as European sovereign debt concerns fueled safe-haven buying of the precious metal.
 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.
 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 the company to a “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 57.23 points, or 0.44 percent, higher at 12,952.88.
 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 undeterred by worries overseas, where investors dragged the euro currency lower due to ongoing concerns that European Union member states Portugal and Spain could be forced to default on debt 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 index’s materials group were the financial stocks, down 0.47 percent and the energy group, 0.08 percent lower.
 Royal Bank of Canada (RY.TO) was the biggest market mover on the downside, falling 0.78 percent to $54.95. Suncor Energy (SU.TO) followed, slipping 0.61 percent to C$34.48.
 ($1=$1.03 Canadian)  (Editing by Peter Galloway)                                        

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