* Barrick Gold leads gains across miners
* Nutrien edges higher as Ken Seitz named CEO
* Cenovus to buy remaining 50% stake in Toledo refinery from
Aug 8 (Reuters) - Canada's main stock index rose on Monday
as miner Barrick Gold Corp led gains among miners after it
reported a quarterly profit that beat analysts' estimates.
The lack of any significant negative catalysts on Monday
also helped lift sentiment, according to analysts.
"Now when there's no news, it seems the market is gradually
moving higher again," said Allan Small, senior investment
adviser at Allan Small Financial Group.
Barrick posted higher copper output for the
quarter. Meanwhile, inflation drove the miner's cost of
"I think everyone's getting hit with inflation. Overall a
company like Barrick cut costs in other areas, so I think it can
withstand inflationary pressures," Small said.
The mining index rose 1.3% and was among the top
gainers in early trading, with higher copper and gold prices
also boosting the sector.
At 10:02 a.m. ET (1402 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 132.64 points, or
0.68%, at 19,752.77.
Cenovus Energy Inc rose 1.6% after the company said
it will buy the remaining 50% stake it does not already own in
Ohio-based BP-Husky Toledo Refinery for $300 million from
British energy firm BP PLC.
The energy sector climbed 0.2% as U.S. crude
prices were up 0.1% a barrel, while Brent crude
Nutrien Ltd edged 0.5% higher after the world's
largest fertilizer producer named Ken Seitz as chief executive.
The TSX ended Friday with its third straight day of modest
gains, but was down 0.4% for the week.
Data on Friday showed Canada reported 30,600 positions were
shed, while the unemployment rate stayed at a record low of
4.9%, but a rise in energy shares amid higher oil prices helped
the stock index close higher.
Investors across the globe were also awaiting the release of
key U.S. inflation data later this week.
(Reporting by Johann M. Cherian and Shreyashi Sanyal in
Bengaluru; Editing by Shounak Dasgupta)