(Adds details, quotes)
*Index closes at record high
*Resource and financial sectors rally
By Leah Schnurr
TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped up more than 1 percent on Thursday, propelled further into record high territory by strong resource and financial shares.
Inmet Mining <IMN.TO> was the biggest net gainer on the day, rising C$6.25, or 9.3 percent, to C$73.75. Fertilizer company Potash Corp of Saskatchewan <POT.TO> was also among the leaders, finishing up C$5.28, or 2.7 percent, at C$204.50.
Gold producers also jumped, benefiting from rising gold prices. Agnico-Eagle Mines <AEM.TO> was up C$3.38, or 5.3 percent, at C$67.29, while the gold subindex gained 3.6 percent.
The S&P/TSX composite index <.GSPTSE> closed up 201.75 points, or 1.38 percent, at 14,828.06 with all but one of its 10 main sectors moving higher.
The surge helped the benchmark climb further into record territory, continuing the week's trend after it broke last summer's record high on Monday.
The financials sector, the biggest group on the index by weight, rose 1.6 percent, with Toronto-Dominion Bank <TD.TO> rising 94 Canadian cents, or 1.4 percent, to C$68.51, and Canadian Imperial Bank of Commerce <CM.TO> up 83 Canadian cents, or 1.1 percent, at C$74.84.
Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc., in Vancouver, said that banks were helped by easing trepidation over what problems may be still lurking in the financial sector.
"I think as investors look at more news being disseminated, as some of the financials have reported the potential losses that they're going to take, I guess they feel that we know more of the situation," Mastracci said.
"The more they know, they more they feel better about the prospects going forward, and I think there's some of that in there today."
On the downside, FirstService Corp <FSV.TO> tumbled C$2.77, or 12.2 percent, to C$19.96 after the property services firm swung to a fourth-quarter loss as it was stung by unfavorable market conditions.
The telecoms sector was the only group in negative territory, giving up 0.2 percent.
Shares of Lundin Mining <LUN.TO> added 68 Canadian cents, or 8.8 percent, to C$8.38 after it reported first-quarter profit rose, helped by rising copper and lead prices, as acquisitions increased production.
The Toronto benchmark has climbed more than 20 percent from the lows seen in January, when it dipped below the 12,000 mark amid worries over the health of the U.S. economy and troubles in the financial and credit markets.
Since then it has been spurred higher by red-hot commodities prices, and recent optimism that the worst of the credit problems have been seen. Analysts have also noted that the current round of corporate results generally have been better than had been feared.
"We're getting to the end of earnings season and we got through this without any terribly nasty surprises," said Rick Hutcheon, president and chief operating officer at RKH Investments.
"I think that the mood of investors is probably starting to gain a little traction, and that we're starting to feel a little more optimistic that perhaps the worst of the credit issues are beginning to recede."
Market volume was 441 million shares worth C$8.1 billion. Advancers outpaced decliners 985 to 655. The blue chip S&P/TSX 60 index <.TSE60> closed up 13.14 points, or 1.51 percent, at 884.73.
In New York, stocks were up as a pullback in oil prices calmed worries about inflation. The Dow Jones industrial average <.DJI> closed up 94.28 points, or 0.73 percent, at 12,992.66, and the Nasdaq Composite Index <.IXIC> rose 37.03 points, or 1.48 percent, to 2,533.73. ($1=$1.00 Canadian) (Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
(Adds coal quote and details)
By Ana Isabel Martinez
CARACAS, May 15 (Reuters) - Mineral-laden Venezuela on Thursday shut the door to new gold projects and threatened other mining and logging concessions in a step by leftist President Hugo Chavez to tighten control of natural resources.
Environment Minister Yuviri Ortega said the South American country will not give permits for any open-pit mines and will not allow companies to look for gold in its vast Imataca Forest Reserve.
"Venezuela will deny environmental permits for the open-pit mine exploitation," Ortega told Reuters in an interview. "Neither private or public companies will for now explore Imataca's gold."
Citing ecological damage, Ortega said the government was also revising all its mining and timber concessions.
OPEC member Venezuela is one of the world's top oil exporters. With its coffers bulging from record crude prices, it feels it does not need to risk further harming its environment with more mining and logging.
"For the moment we do not need to exploit these minerals; as the president says, we don't need diamonds or gold, or coal," she said, but did not give further details.
Much of the Caribbean state remains largely unpopulated and it houses diverse eco-systems including a significant chunk of the Amazon rain forest.
The ban on mining in the 9 million acre (3.8 million hectare) Imataca reserve and the end to permits for open pits was a blow to Crystallex <KRY.TO> and Gold Reserve <GRZ.A>. The Canadian companies have long been seeking environmental permits to exploit their concessions in the reserve.
Chavez last year launched a nationalization drive, increasing state control over the country's oil industry. The U.S critic has since taken over key sectors of the economy including electricity, telecoms, cement and steel companies.
He has been especially tough on foreign companies but typically pays a fair price for nationalized assets.
The Imataca reserve, which includes a town called El Dorado in remote southeastern Venezuela, sits on what is believed to be one of Latin America's largest gold deposits.
Several large and mainly state-run companies dig iron ore, coal and bauxite in Venezuela. Workers last week halted operations at Venezuela's Isodora gold mine owned by Hecla <HL.N>, demanding it be nationalized.
It was not clear if the U.S. miner would be affected by the new contract revisions.
Crystallex and Gold Reserve shares were largely unmoved on Thursday. The stocks have taken a battering in recent weeks as news filtered out suggesting the government would not give them permits. (Writing by Frank Jack Daniel; Editing by David Gregorio)
((frank.daniel@reuters.com; +58 212 277 2656; Reuters Messaging: frank.daniel.reuters.com@reuters.net)) Keywords: VENEZUELA MINES/
(Updates with official closing numbers, adds details)
*Index closes at record high
*Resource and financial sectors rally
TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped up more than 1 percent on Thursday, propelled further into record high territory by strong resource and financial shares.
Inmet Mining <IMN.TO> was the biggest net gainer on the day, rising C$6.25, or 9.3 percent, to C$73.75. Fertilizer company Potash Corp of Saskatchewan <POT.TO> was also among the leaders, finishing up C$5.28, or 2.7 percent, at C$204.50.
Gold producers also jumped, benefiting from rising gold prices. Agnico-Eagle Mines <AEM.TO> was up C$3.38, or 5.3 percent, at C$67.29, while the subindex gained 3.6 percent.
The S&P/TSX composite index <.GSPTSE> closed up 201.75 points, or 1.38 percent, at 14,828.06 with all but one of its 10 main sectors moving higher.
The surge helped the benchmark climb further into record territory, continuing the week's trend after it broke last summer's record high on Monday.
The financials sector, the biggest group on the index by weight, rose 1.6 percent, with Toronto-Dominion Bank <TD.TO> rising 94 Canadian cents, or 1.4 percent, to C$68.51, and Canadian Imperial Bank of Commerce <CM.TO> up 83 Canadian cents, or 1.1 percent, at C$74.84.
On the downside, FirstService Corp <FSV.TO> tumbled C$2.77, or 12.2 percent, to C$19.96 after the property services firm swung to a fourth-quarter loss as it was stung by unfavorable market conditions.
The telecoms sector was the only group in negative territory, giving up 0.2 percent. ($1=$1.00 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
.
Keywords: MARKETS CANADA STOCKS
(Adds background and details, byline)
By Ana Isabel Martinez
CARACAS, May 15 (Reuters) - Mineral-laden Venezuela on Thursday shut the door to new gold projects and threatened other mining and logging concessions in a new step by leftist President Hugo Chavez to tighten control of natural resources.
Environment Minister Yuviri Ortega said the South American OPEC member will not give environmental permits for any open-pit mines and will not allow companies to look for gold in its Imataca Forest Reserve.
"Venezuela will deny environmental permits for the open-pit mine exploitation," Ortega told Reuters in an interview. "Neither private or public companies will for now explore Imataca's gold."
Ortega said the government was also revising all its mining and timber concessions, but did not give further details.
Venezuela is one of the world's top oil exporters and with its coffers bulging from record crude prices may feel it does not need to risk further damaging its environment with more mining and logging.
The ban on mining in the Imataca reserve and the end to permits for open pits was a blow to Crystallex <KRY.TO> and Gold Reserve <GRZ.A>. The Canadian companies have long been seeking environmental permits to exploit their concessions in the reserve.
Chavez last year launched a nationalization drive, increasing state control over the country's oil industry. The U.S critic has since taken over key sectors of the economy including electricity, telecoms, cement and steel companies.
He has been especially tough on foreign companies but typically pays a fair price for nationalized assets.
The Imataca reserve, which includes a town called El Dorado in remote southeastern Venezuela, sits on what is believed to be one of Latin America's largest gold deposits.
Several large and mainly state-run companies dig iron ore, coal and bauxite in Venezuela. Workers last week halted operations at Venezuela's Isodora gold mine owned by Hecla <HL.N>, demanding it be nationalized.
It was not clear if the U.S. miner would be affected by the new contract revisions.
Crystallex and Gold Reserve shares were largely unmoved on Thursday. The stocks have taken a battering in recent weeks as news filtered out suggesting the government would not give them permits. (Writing by Frank Jack Daniel; editing by Jim Marshall) ((frank.daniel@reuters.com; +58 212 277 2656; Reuters Messaging: frank.daniel.reuters.com@reuters.net)) Keywords: VENEZUELA MINES/
TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped higher on Thursday, pushing further into record high territory, propelled by strong resource and financial shares.
The S&P/TSX composite index <.GSPTSE> unofficially closed up 196.69 points, or 1.34 percent, at 14,823.00. (Reporting by Leah Schnurr; Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
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