(Adds details, quotes)
By Leah Schnurr
TORONTO, Feb 8 (Reuters) - The Toronto Stock Exchange's
main index ended higher on Friday in a late-day push propelled
by resource issues, as key commodity prices climbed.
The heavyweight energy sector followed crude oil higher, as
the commodity jumped 4 percent on supply disruptions and an
oncoming cold spell in the U.S. Northeast.
Suncor Energy <SU.TO> rose C$1.74, or 1.9 percent, to
C$94.79, and Canadian Natural Resources <CNQ.TO> gained C$1.26,
or 2.1 percent, to C$62.21. The sector overall was up 1.1
percent.
The materials sector added 1.6 percent, while its subindex
of gold producers was up 2.3 percent amid climbing bullion
prices.
Agnico-Eagle Mines <AEM.TO> rose C$2.05, or 3.3 percent, to
C$63.45, and Goldcorp <G.TO> moved up C$1.39, or 3.9 percent,
to C$36.73.
The S&P/TSX composite index <.GSPTSE> closed up 63.97
points, or 0.49 percent, at 12,989.34. But the benchmark lost
2.5 percent on the week, plagued by worries of a U.S.
recession.
The retreat included a more than 300-point drop on Tuesday
after U.S. data showed the non-manufacturing services index
fell in January, fueling fears the slump in the U.S. housing
market has spread to the wider economy.
"Yesterday we had a rally off a pretty nasty day so I think
everyone's just licking their wounds, taking a little profits,
and (waiting) to see what happens next week," said Rick
Hutcheon, president and chief operating officer of RKH
Investments.
On the downside, Inmet Mining <IMN.TO> shares sagged after
the company, along with Petaquilla Copper <PTC.TO> and Teck
Cominco Ltd <TCKb.TO>, said development cost estimates at their
Petaquilla copper project have more than doubled in the past
year. That put the future of the project in Panama into
question.
Inmet finished down C$3.84, or 5.4 percent, at C$67.31,
while Petaquilla was off 26 Canadian cents, or 13.4 percent, at
C$1.68. Teck, which has the option of taking a 26 percent stake
in the project if it commits to fund 52 percent of the
development costs, edged up 6 Canadian cents, or 0.2 percent,
to C$34.73.
Despite data that showed a soaring Canadian employment
number for January, the market remained nervous over the
prospect of a recession in the United States, Canada's biggest
trading partner.
The economy added 46,400 jobs in January, while the
employment rate fell to 5.8 percent, melting worries of a
slowdown last month.
"That was a good number, it sure shows that Canada's not
necessarily following the United States into the tank in
lock-step at this point in time," said Lex Kerkovius, senior
research analyst at McLean & Partners Wealth Management Ltd.
But Kerkovius added: "The severity of the U.S. recession is
going to affect us. It doesn't look like it's affecting us yet,
but I think a safe bet would be to say that it will as time
moves on."
The financials, the biggest sector on the index, gave up
0.7 percent. Canadian Imperial Bank of Commerce <CM.TO> was
down 93 Canadian cents, or 1.4 percent, at C$67.47, while Royal
Bank of Canada <RY.TO> lost 73 Canadian cents, or 1.4 percent,
to C$50.56.
The consumer discretionary sector was down 1.5 percent.
Shares of ACE Aviation Holdings <ACEa.TO>, the majority
owner of Air Canada <ACa.TO> jumped C$1.29, or 5.8 percent, to
C$23.55 after its chief executive said he has been approached
about possible U.S. mergers. Air Canada vaulted C$1.07, or 11.1
percent, to C$10.73.
Market volume was 362 million shares worth C$6.1 billion.
Advancers outpaced decliners 844 to 688. The blue chip S&P/TSX
60 index <.TSE60> closed up 3.64 points, or 0.48 percent, at
759.30.
On Wall Street, the Dow finished lower as investors
sold-off shares in sectors that have been at the heart of the
credit market crisis. The Dow Jones industrial average <.DJI>
was down 64.87 points, or 0.53 percent, at 12,182.13, while the
Nasdaq composite index <.IXIC> rose 11.82 points, or 0.52
percent, to 2,304.85.
($1=$1.00 Canadian)
(Editing by Rob Wilson)
(([email protected]; +1 416 941 8056; Reuters
Messaging: [email protected]))
Keywords: MARKETS CANADA STOCKS