TSX at 10-1/2 month high; U.S. data, financials lift

Thu Jan 17, 2013 5:48pm EST
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By Solarina Ho

TORONTO (Reuters) - Canada's main stock index touched its strongest level in 10-1/2 months on Thursday, led by financial and resource stocks, spurred in part by encouraging U.S. economic data and corporate results.

Upbeat U.S. housing and labor data, combined with strong earnings reports from some U.S. companies helped push the S&P 500 to a five-year high.

"The main factor was basically the U.S. market doing a little bit better and some of the economic data in the States was stronger than expected this morning and that's helped out everything," said Levente Mady, a senior portfolio manager at PI Financial Corp.

"We've had a decent run here. The market is just overstretch a tiny little bit, probably the U.S. market more than Canada."

All 10 of the index's main sectors finished higher. The dominant financial group, which makes up nearly a third of the index, was up 0.56 percent.

Toronto Dominion Bank (TD.TO: Quote) rose 1 percent to C$82.69 and carried the most weight on the index. Royal Bank of Canada (RY.TO: Quote) gained 0.57 percent to C$61.44 and was a top three index mover.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE advanced 65.91 points, or 0.52 pct, to 12,674.73. The index touched its highest level since the beginning of March 2012.

The index's technology stocks rose 1.55 percent, helped by quarterly results from EBay that beat Wall Street expectations.   Continued...

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