CANADA STOCKS-TSX climbs as Fed hopes boost gold-mining stocks


* TSX rises 48.89 points, or 0.37 percent, to 13,410.60

* Nine of 10 main index sectors gain

* Enbridge, Magna up after earnings

By John Tilak

TORONTO, Nov 6 (Reuters) - Canada's main stock index climbed

on Wednesday, led by gains in gold-mining shares, as

anticipation grew that the U.S. Federal Reserve will put off

plans to scale back its monetary stimulus program.

Investors also analyzed earnings statements from some of the

country's major energy players, Enbridge Inc and

Talisman Energy Inc, as well as a positive report from

auto parts maker Magna International Inc.

Top Fed officials have been saying in recent days that the

U.S. central bank should not make changes to the stimulus until

there's more evidence to suggest that the world's biggest

economy is on a firmer footing.

"The Fed will err on the side of generosity," said Irwin

Michael, portfolio manager at ABC Funds. "We believe they're

going to stay longer with lower rates until they are absolutely

certain the economy is back on track."

The Toronto Stock Exchange's S&P/TSX composite index

was up 48.89 points, or 0.37 percent, at 13,410.60.

Almost every major sector was trading in positive territory,

supporting an index that has jumped nearly 5 percent in the last


"The longer the market holds up, the more motivated will be

those investors who are sitting on maybe a little too much

cash," Michael said. "They want to get that money working."

Natural resource stocks, which have been hit by volatile

commodity prices this year, are looking attractive, he added.

Gold-mining stocks jumped 1.2 percent, helped by a gain in

the price of bullion. Goldcorp Inc rose 1 percent

to C$26.24.

Financial shares climbed 0.3 percent. Toronto Dominion Bank

added 0.5 percent to C$96.15.

Magna reported a nearly 13 percent rise in quarterly sales

as its European business improved. The stock gained 1.5 percent

to C$90.30.

The energy sector benefited from earnings reports and a

higher oil price.

Enbridge advanced 0.5 percent, to C$46.02, after the

pipeline company reported higher third-quarter earnings, with

increased volumes on its crude pipelines offsetting higher


Talisman reported a smaller quarterly net loss compared with

the year-earlier quarter. The stock was little changed.

View Comments (0)