Dominion Lending Centres Clearlease Reports Record gold US$1,452.50 an ounce prices lift TSX, Teck Resources (TSX:TCK.B), Barrick Gold Corp. (TSX:ABX) and Goldcorp Inc. (TSX:G)

Dominion Lending Centres Clearlease, Reports, Record gold US$1,452.50 an ounce, prices lift TSX, Teck Resources, (TSX:TCK.B), Barrick Gold Corp., (TSX:ABX), Goldcorp Inc., (TSX:G)

Vancouver, B.C., Canada (April 6, 2011) – Clearlease.com Reports The Toronto stock market advanced to a positive close Tuesday as record high bullion prices lifted gold stocks and other mining stocks shook off early losses amid China’s latest move to slow its economy to deal with high inflation.

The S&P /TSX composite index rose 52.18 points to 14,270.53 while the TSX Venture Exchange was up 30.62 points at 2,354.34.

The Canadian dollar was up 0.39 of a cent at 103.75 cents US.

The TSX was off session lows after traders initially reacted negatively to the move by the People’s Bank of China to raise its key rate a quarter point.

The rate hike, the fourth since October, is in response to China’s consumer prices rising by 4.9 per cent in February, driven by an 11 per cent jump in politically sensitive food costs.

Markets have reacted cautiously in the short term to such moves to slow the Chinese economy. That is because China has significantly helped lift the global economy from recession and contributed to pushing the resource-heavy TSX up five per cent in the first quarter of this year.

“It shouldn’t come as a surprise,” said Ian Nakamoto, director of research at MacDougall, MacDougall and MacTier.

“They’re trying to cool the economy and avoid a bubble. How can you possibly fault any central banker for doing that?”

The European Central Bank is also widely expected to raise its key interest rate a quarter point on Thursday to deal with stubbornly high inflation.

The gold sector led advancers as unrest in the Middle East, worries about inflation and a potential U.S. government shutdown sent the June contract in New York up $19.50 to a record close of US$1,452.50 an ounce. Barrick Gold Corp. (TSX:ABX) gained $2.58 to C$52.36 and Goldcorp Inc. (TSX:G) advanced $2.76 to C$50.30.

The base metal group was ahead 1.53 per cent as the May copper contract on the New York Mercantile Exchange erased early losses and was up one cent at US$4.26 a pound. Teck Resources (TSX:TCK.B) climbed $1.28 to C$56.38

New York markets were weak as a key gauge of the U.S. service sector showed a slower pace of expansion in March and it appeared that Congress and the White House were no closer to reaching a deal to provide money for the rest of the budget year and avoiding a government shutdown.

The Dow Jones industrial average declined 6.13 points to 12,393.9.

The Nasdaq composite index gained two points to 2,791.19 after Texas Instruments Inc. said late Monday that it was buying chip maker National Semiconductor for US$6.5 billion. The S&P 500 index was off 0.24 of a point at 1,332.63.

The Institute for Supply Management said that its index of the American service sector came in at 57.3 in March, down from 59.7 in February.

Investors also took in minutes from the U.S. Federal Reserve ’s March meeting on interest rates. They showed that officials debated whether the central bank should exit its loose monetary policy this year or next.

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Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
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