CANADA STOCKS-TSX rises on U.S. data, IMF chief's remarks
(Updates to late morning)
* TSX up 74.33 points, or 0.6 pct, at 12,286.75
* All 10 sectors stronger, led by commodities
By Claire Sibonney
TORONTO, Oct 11 (Reuters) - Canada's main stock index roseon Thursday after encouraging U.S. employment data and commentsfrom the IMF that were seen were seen supporting stability inthe euro zone.
All 10 sectors were stronger, led by resource-related sharesas commodity prices rose.
Among the top advancers, Potash Corp
rose 1.7percent to C$41.22, Canadian Natural Resources
climbed
1 percent to C$30.09 and Teck Resources
added 1.7percent to C$30.41.
Boosting sentiment, data showed U.S. initial jobless claimsfell to the lowest level in more than four and a halfyears.
The report follows last week's government report that showeda surprising drop in September's unemployment rate to 7.8percent.
"There are definitely signs of life south of the border,whether it's housing prices, or industrial production orearnings for that matter," said Gavin Graham, president atGraham Investment Strategy, adding that the latest joblessclaims report was further helping confidence.
At 10:43 a.m. (1243 GMT), the Toronto Stock Exchange'sS&P/TSX composite index
was up 74.33 points, or 0.6percent, at 12,286.75.
Meanwhile, markets also reacted positively to remarks fromChristine Lagarde, the IMF's managing director, that indebtedeuro zone economies should have more time to cut budgetdeficits. Lagarde's comments helped to offset news of adowngrade of Spain's credit rating.
"I think the downgrade of Spain was already priced in," saidGraham.
"The fact is that there's no way Spain is investment gradeat present, so it's a question of what is the political will onthe part of the European authorities to continue buying Spain,and for that matter Italian, bonds."
(Reporting by Claire Sibonney; Editing by Kenneth Barry)
((claire.sibonney@thomsonreuters.com)(+1 416 941 8142)(ReutersMessaging: claire.sibonney.reuters.com@reuters.net))
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