CANADA STOCKS-Golds, banks, RIM fuel TSX winning streak

* TSX rises 1.2 pct to 11,570.45, up 3.3 pct on the week

* Eight of 10 sectors advance, materials lead

* Canada’s economy posts near-record gain in June

* RIM surges 7 pct on news of push into China
(Adds details throughout)

By Ka Yan Ng

TORONTO, July 9 (BestGrowthStock) – Toronto’s main stock index rose
more than 1 percent on Friday, rallying for a fourth straight
session as stunning jobs data lifted investor confidence, while
firm resource prices helped materials lead the gains.

Materials were up 2.3 percent, rebounding from Thursday’s
selloff, as the price of gold moved back above $1,200 an ounce.
As well, copper prices advanced to their highest in nearly two
weeks on improving global demand signals. [GOL/] [MET/L]

Among key gainers No. 1 producer Barrick Gold Corp (ABX.TO: )
was up 1.42 percent at C$45.04, while diversified miner Teck
Resources (TCKb.TO: ) rose 3.37 percent to C$35.60.

The most influential advancer on Friday was Research In
Motion (RIM.TO: ), rising 7 percent to C$55.23, after the
BlackBerry smartphone maker said it is preparing to launch an
applications store and consumer Internet services in China as
part of its push into the world’s top mobile market.

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) climbed 137.08 points, or 1.2 percent, to end at
11,570.45. Eight of the index’s 10 main groups were up.

For the week, the TSX is up more than 3 percent, making a
strong comeback after hitting its lowest close in eight months
on Monday.

Heavyweight financials were also among the solid gainers,
rising 1.37 percent after a wobbly start to the session.
Confidence in the domestic economy underscored the positive
prospects for growth and outweighed any negative implications
of higher borrowing costs.

Royal Bank of Canada (RY.TO: ) was up 2.4 percent at C$54.37,
while Bank of Nova Scotia (BNS.TO: ) added 1.7 percent to

Data released early on Friday showed Canada’s economy
created 93,200 jobs in June, a near record gain and six times
more jobs than forecast. [ID:nN09261751]

“Those good employment numbers have obviously reassured the
market about growth,” said Gavin Graham, global strategist at
Excel Funds Management.

So-called defensive sectors such as utilities, up 1.75
percent, and consumer staples, up 0.92 percent, also posted
strong gains.

“I think you’re seeing what we’ve been seeing most of the
month, a little bit of rotation into more defensive sectors.
You’re seeing utilities fairly strong today, some consumer
goods companies (are) strong as well,” said Youssef Zohny,
associate portfolio manager at Van Arbor Asset Management.

“We could be seeing money away from cyclicals and more
towards non-cyclical companies. We’re stuck in a bit of a
twilight zone right now.”

Shoppers Drug Mart (SC.TO: ) was up 2.13 percent at C$35.89,
while power generation company TransAlta Corp (TA.TO: ) gained
2.3 percent to C$20.50.

Zohny said he expected the market may also start shifting
gears towards corporate earnings to see how company outlooks
stack up against the recent wave of patchy economic data.

“I think you’re seeing a lot of macro themes have really
played large part in the market correction in the last month,”
he said.

“How much of a slowdown and to what extent that affects
earnings is probably going to be the highlight of the next two

($1=$1.03 Canadian)
(Reporting by Ka Yan Ng; editing by Rob Wilson)

CANADA STOCKS-Golds, banks, RIM fuel TSX winning streak