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TSX rises again

TORONTO (Reuters) - Toronto’s main stock index rose for a fifth straight session yesterday as a weak US dollar pushed up commodity prices, but soft quarterly results from Royal Bank of Canada crimped the gain.

Gold-mining stocks were among the big risers. Barrick Gold rose 1.2 percent to C$54.22, while Kinross Gold rallied three percent to C$18.79 as gold prices jumped to above $1,400 an ounce as weak US jobs data cast doubt on the strength of the economic recovery.

Suncor Energy climbed 1.5 percent to C$36.24 and Encana climbed 0.7 percent to C$28.64 as oil prices rallied for a third day yesterday, boosted in part by a weaker US dollar. Gains were hindered by the index’s weak financials, which finished down 0.8 percent.

Royal Bank reported a drop in quarterly profit on higher costs, lower trading revenues and weakness at its US retail bank. Shares of the country’s biggest bank skidded 4.4 percent to C$53.25.

Elsewhere in the sector, Toronto-Dominion Bank sank 1.5 percent to C$72.23, while Canadian Imperial Bank of Commerce dropped one percent to C$78.50.

Bruce Latimer, trader at Dundee Securities, said the market’s largely subdued performance reflected an investor pause after four days of gains.

“The market had a good rally the first two days of December so I think we’re just sort of digesting and consolidating those gains,” he said.

The Toronto Stock Exchange’s S&P/TSX composite index ended the session up 15.42 points, or 0.12 percent, at 13,178.95. It gained two percent on the week.

The blue chip S&P/TSX 60 index closed 0.97 of a point lower at 752.21.

Bucking the trend in the financials sector was Bank of Nova Scotia, which climbed 3.1 percent to C$55.63 after it reported a quarterly profit that rose 21 percent.

Toronto stocks moved in tandem with US equities, which also finished the day slightly higher.

US jobs data kept the US stock market move in check. US employment barely rose in November and the jobless rate unexpectedly hit a seven-month high, disappointing those who had thought the US economy was accelerating after a soft patch in the summer.

In Canada, the employment numbers were also disappointing with fewer than expected jobs created in November.

The unemployment rate fell but that was attributed to more youth leaving the job market.

Noticeable movers on the TSX market included Canadian Oil Sands Trust, which plunged 11.8 percent to C$25.05 after the largest owner of the Syncrude Canada oil sands joint venture said its payout could drop by more than half after it converts to a traditional corporation.

Western Coal was the most heavily traded stock on the market, up 12.6 percent to C$11.60. US-based Walter Energy Inc said Friday it will buy Canada’s Western Coal in a C$3.3 billion deal that will put it on track to becoming the world’s No.3 producer of steel-making metallurgical coal at a time of booming demand.