TSX rises to near seven-week high on U.S., China data

Thu Nov 1, 2012 5:21pm EDT
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By John Tilak

TORONTO (Reuters) - Canada's benchmark stock index rose on Thursday to its highest level in nearly seven weeks, as positive economic data from the United States and China more than offset disappointing results from mining giants Barrick Gold Corp (ABX.TO: Quote) and Cameco Corp (CCO.TO: Quote).

U.S. data showed consumer confidence climbed to a more than four-year high in October and the pace of growth in manufacturing picked up modestly. The numbers pushed U.S. stock markets sharply higher. .N

In China, official and private-sector factory surveys signaled the economy was regaining some traction, although the recovery is expected to be sluggish.

"We've started the month off with a swath of economic data from across the world. The common theme is that the global economy is seeing stabilization," said Youssef Zohny, portfolio manager with Stenner Investment Partners, a unit of Richardson GMP.

"In some instances, in China and the U.S., the data was better than expected. That's helping drive the market," he added.

The Toronto Stock Exchange's benchmark S&P/TSX composite index .GSPTSE finished up 76.85 points, or 0.62 pct, at 12,499.76. Its session high of 12,511.46 was the highest level since Sept 14.

It was the strongest finish since April 2, when it closed at 12,507.06.

The market got a boost from its energy subgroup, up 1.34 percent. Suncor Energy Inc provided the biggest boost of any company.   Continued...

A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch