TORONTO - Another day of strong gains in mining stocks helped the Toronto stock market add to the previous session's major upswing, despite a disappointing report on U.S. job losses.
The S&P/TSX composite index was up 79.6 points to 11,786.9 after a weaker U.S. dollar sent commodity prices higher and took the TSX up 260 points Tuesday to its highest close this year.
The Canadian dollar was up 0.13 of a cent to 95.67 cents US.
Ahead of Friday's release of November jobless figures, the U.S. ADP National Employment Report said that 169,000 private sector jobs were lost in November. That marks the eighth consecutive month of declining job losses, providing further evidence the country's economy is recovering - investors, however, had been expecting a smaller reading of 148,000 jobs.
The ADP jobs report is often used as a gauge for Friday's monthly unemployment report from the U.S. Labour Department. Economists estimate that Friday's government non-farm payrolls report will show that 114,000 jobs were lost in the U.S. during November.Investors will also be looking to the release of the U.S. Federal Reserve's assessment of regional economic activity.
The gold sector was the leading advancer, up 2.17 per cent as bullion moved further into record territory. The December contract on the Nymex gained $14.70 to US$1,213.80 an ounce. Barrick Gold Corp. (TSX:ABX) climbed $1.41 to $49.61 and Goldcorp Inc. (TSX:G) advanced $1 to $47.90. A subsidiary of Goldcorp Inc. (TSX:G) is set to sell its stake in a Mexican gold project to Newstrike Capital Inc. (TSXV:NES.H) in a deal valued at $52 million. Newstrike shares backed off a penny to 46 cents.
The December copper contract was ahead three cents at US$3.23 a pound after jumping 10 cents in the past two days and the base metals sector rose 1.54 per cent. Teck Resources (TSX:TCK.B) was ahead 99 cents to $38 while Equinox Minerals (TSX:EQN) gained 22 cents to $4.42.
Tech stocks were also supportive as Research In Motion Ltd. (TSX:RIM) climbed $1.12 to $63.73.
The TSX energy sector moved down slightly as crude prices slipped after the weak American currency and a positive manufacturing report from China sent oil up more than $2 in the last two sessions.
