SAN FRANCISCO (MarketWatch) — Canadian stocks edged higher Friday as investors digested the prior session’s sharp rally growing out of the euro-zone debt deal.
The benchmark S&P/TSX Composite Index CA:$ISPTX +0.43% added 54.07 points, or 0.4%, to settle at 12,519.51. On Thursday, the index jumped 2.3% to reach its highest close in seven weeks.
The index gained 4.8% on the week, its biggest one-week percentage gain since July 2009.
And the Canadian dollar was flat against its U.S. counterpart USDCAD -0.01% by the end of North American trading, after weakening as much, after having soared to a five-week high on Thursday. One U.S. dollar recently purchased 99.17 Canadian cents, versus 99.12 late Thursday.
Investors are looking ahead to Monday and Canada’s gross domestic product report, which will show the inflation-adjusted value of Canadian output for the month of August. Analysts are expecting 0.2% real GDP growth in August, compared with 0.3% growth in July.
The metals and mining sector continued to march higher on Friday, led by base metals stocks. Shares of Ivanhoe Mines Ltd. CA:IVN +4.48% IVN -1.18% gained 4.5%, with First Quantum Minerals Ltd. CA:FM +4.80% up 4.8%.
In gold stocks, shares of Barrick Gold Corp. CA:ABX +3.89% ABX +3.86% and Goldcorp Inc. CA:G +3.82% GG -0.70% , the two largest Canadian gold miners, both jumped nearly 4%. The companies this week reported better-than-expected third-quarter earnings on higher gold prices.
Gold futures finished slightly lower on Friday, shedding 50 cents to settle at $1,747.20 an ounce on the New York Mercantile Exchange. The precious metal is up 6.8% for the week. Silver soared 13% on the week, and copper jumped 15%.
Source; http://www.marketwatch.com/story/canadian-stocks-higher-ahead-of-gdp-report-2011-10-28
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