CANADA STOCKS-TSX rises with commodities, GDP data

*TSX up 0.5 percent at 12,263.39

*Resources, financials lead index higher

By Claire Sibonney

TORONTO, April 30 (BestGrowthStock) – Toronto’s main stock index
rose on Friday morning as commodity prices firmed and domestic
economic growth data for February met expectations, boosting
heavyweight resource and financial companies.

Gold hit a 2010 high above $1,175 an ounce and copper
prices rose, lifting the index’s materials sector almost 2
percent. [MET/L] [GOL/]

Barrick Gold Corp (ABX.TO: ), the world’s largest bullion
producer, shot up more than 3 percent to C$44.37, while
Goldcorp Inc (G.TO: ) jumped almost 3 percent C$44.27.

“It’s a function of psychology and the fact that commodity
prices are up today,” said Irwin Michael, a portfolio manager
at ABC Funds.

He added that a move down in the Canadian dollar was also
helping resource companies. “They benefit more when they get
paid in U.S. dollars.”

Oil rose to around $86 a barrel, driven by expectations of
global economic recovery and hopes for a bailout package for
Greece. Natural gas prices recouped some of the previous day’s
losses, pushing the energy sector up 0.6 percent. [O/R]

Suncor Energy Inc (SU.TO: ), Canada’s biggest oil producer,
added 2.1 percent to C$34.80, and EnCana Corp (ECA.TO: ), the
country’s biggest producer of natural gas, was 0.9 percent
higher at C$ 33.22.

Heavily weighted financials were up 0.1 percent, supported
by data that showed Canada’s economy grew by 0.3 percent in
February from January, the sixth consecutive month of
increases. [ID:nN30160623]

Royal Bank of Canada (RY.TO: ), the country’s largest lender,
was 0.3 percent higher at C$62.57, while Bank of Nova Scotia
(BNS.TO: ) gained 0.8 percent to C$51.99.

At 10:38 a.m. (1438 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 62.69 points, or 0.52
percent, at 12,263.39.

Offsetting some of the gains, however, was lingering
uncertainty over the health of sovereign debt in the euro zone
and media reports of a criminal investigation against U.S.
investment bank Goldman Sachs Group (GS.N: ).

Bank of Canada Governor Mark Carney told a parliamentary
committee on Thursday that the Greek debt crisis and high
borrowing by many Western countries pose an indirect threat to
the Canadian economy. [ID:nN29250629]

“A number of us are bothered by the Greek situation,”
Michael said. “We’ve yet to see it resolved definitively.
Having said that, we take note of Mr. Carney’s comments that
the Greek situation, the negativity, could affect North America
and in particular Canada so we’ve got to watch it very
closely.”

Business software maker Open Text Corp (OTC.TO: ) (OTEX.O: )
plunged almost 8 percent to C$43.63 after reporting quarterly
earnings on Thursday that missed estimates, hurt by higher
costs. [ID:nSGE63S0M6]

Danier Leather (DL.TO: ) surged more than 10 percent to
C$8.55 a day after the clothing manufacturer and retailer
reported a third-quarter profit (Read more your timing to make a profit.) and a 7 percent jump in sales.
[ID:nWNAB4134]

Stock Report

($1=$1.01 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway)

CANADA STOCKS-TSX rises with commodities, GDP data