CANADA STOCKS-U.S. jobs data drives TSX gains; golds tumble

Reuters

* TSX rises 44.20 points, or 0.33 percent, to 13,338.40

* Eight of 10 main index sectors advance

* Talisman climbs 2.2 percent on plans to sell assets

By John Tilak

TORONTO, Nov 8 (Reuters) - Canada's main stock index

advanced on Friday after data showing a surprise acceleration in

U.S. jobs growth boosted most of the index's major sectors,

offsetting a drop in the price of bullion and in shares of gold

producers.

The market was also supported by a jump in Talisman Energy

Inc after the oil producer said it would sell a stake

in its natural gas assets in British Columbia's Montney field to

Malaysia-controlled Progress Energy Canada Ltd for C$1.5 billion

($1.44 billion).

Investors cheered as jobs growth in the United States

unexpectedly picked up in October despite the federal government

shutdown that month, signaling the U.S. budget standoff had a

more limited impact on the economy than initially feared. The

employment figure, however, also raised market anxiety that the

U.S. Federal Reserve might pull back on its stimulus program

sooner than expected.

"That's got positive implications for the economy but maybe

puts in a bit of fear that tapering might occur sooner," said

Michael Sprung, president of Sprung Investment Management.

"The recovery is taking hold but is doing so at not at a

very fast pace," added, noting an increase in the U.S.

unemployment rate.

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

was up 44.20 points, or 0.33 percent, at 13,338.40.

The Canadian benchmark index has made a gain of about 4

percent in the past month.

Eight of the 10 main sectors on the index were higher on

Friday.

Financial shares jumped almost 1 percent, with Royal Bank of

Canada climbing 0.8 percent to C$70.40 and

Toronto-Dominion Bank gaining 0.8 percent to C$96.59.

The energy sector rose 0.8 percent. Suncor Energy Inc

climbed 1.5 percent to C$36.61. Talisman rose 2.2

percent to C$12.49.

But gold-mining shares dropped 1.6 percent, reflecting a

sharp fall in the price of bullion.

Goldcorp Inc declined 1.2 percent to C$25.20, and

Barrick Gold Corp shed 1.1 percent to C$18.78.

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