CANADA STOCKS-TSX rises on U.S. earnings, China growth

* TSX up 33.52 points at 12,237.94

* Materials, financials, energy lead index higher

By Claire Sibonney

TORONTO, April 15 (BestGrowthStock) – Toronto’s main stock index
edged higher on Thursday morning as steady commodity prices,
strong U.S. earnings and surging Chinese economic growth offset
persisting worries over debt-laden Greece.

China, the world’s top consumer of copper, reported
economic growth accelerated in the first quarter to 11.9
percent, the fastest annual pace in nearly three years,
boosting the Toronto index’s materials sector by 0.3 percent.

Base-metals miner First Quantum Minerals (FM.TO: ) rose 0.6
percent to C$80.49, and HudBay Minerals (HBM.TO: ) shot up 3.5
percent to C$14.14.

Financials were up 0.3 percent. Bank of Montreal (BMO.TO: )
gained 0.8 percent to C$63.52, and Toronto-Dominion Bank
(TD.TO: ) was 0.7 percent higher at C$77.21.

Oil held near $86 a barrel, which helped support energy
stocks, even though strength in the U.S. dollar tempered an
early rally on news of the Chinese data. [O/R]

Suncor Energy Inc (SU.TO: ), Canada’s largest oil company,
rose 0.2 percent to C$35.15, but natural gas major EnCana Corp
(ECA.TO: ) lost 0.2 percent to C$31.73.

Gold miners were down 0.3 percent as bullion prices were
pressured by the U.S. dollar strength.

Barrick Gold Corp (ABX.TO: ), the world’s biggest gold
producer, slipped 0.7 percent to C$40.36.

“The bullet for today, I think it looks very good given
what’s going on in China, which is good for the commodities,”
said Ian Nakamoto, director of research at MacDougall,
MacDougall and MacTier.

At 10:38 a.m. (1438 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 33.52 points, or 0.27
percent, at 12,237.94. The index opened in negative territory
but quickly turned higher.

U.S. stocks (Read more about the stock market today. ) also dipped at the open as worries over
Greece’s move to start official talks with its multilateral
backers undercut a strong profit forecast from United Parcel
Service Inc. [UPS.N]

Nakamoto said the results from economic bellwether UPS were
well received in Canada.

“That’s confirmation also that the global economy is on the
mend. It hasn’t fully healed but it’s certainly on the mend,”
he said.

Nakamoto said the direction of the TSX index will now
depend on major Canadian company earnings, which start rolling
in next week.

“I think there’s a bit of nervousness to see how they
report and more importantly what they say about the future.”

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($1=$1.00 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway)

CANADA STOCKS-TSX rises on U.S. earnings, China growth