3 Min Read
* TSX rises 113.24 points, or 0.91 percent, to 12,599.88 * Eight of 10 main index sectors advance * Suncor gains after results, has biggest influence on market * Barrick, Enbridge jump after quarterly reports By John Tilak TORONTO, Aug 1 (Reuters) - Canada's main stock index rose on Thursday, driven by strong economic data from China, Europe and the United States, as well as gains in bellwethers such as Suncor Energy Inc and Barrick Gold Corp after they reported results. An industry report showed that the pace of growth in the U.S. manufacturing sector accelerated in July to the highest level in two years as new orders surged, supporting the view the economy will pick up in the second half of the year. Separate data showed the euro zone was slowly starting to emerge from recession, while business surveys indicated China's manufacturing sector was stabilizing. The improving global economic outlook lifted commodity prices and boosted investor sentiment in the resource-sensitive Canadian market. Also on Thursday, the European Central Bank that it will not tighten monetary policy until well into next year, a day after the U.S. Federal Reserve said it will maintain the pace of its bond-buying program for now. Investors relished the combination of positive economic data and a lack of indication of imminent central bank policy tightening. "An improving economy, especially in Europe, has given markets a really big boost," said Colin Cieszynski, senior market analyst at CMC Markets Canada. "It looks like we might be into a Goldilocks-type scenario, where the economy is starting to do better, but not so well that it pushes the central banks to tighten," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 113.24 points, or 0.91 percent, at 12,599.88. Eight of the 10 main sectors on the index were higher. Shares of energy producers shot up 1.8 percent, benefiting from earnings reports and higher oil prices. Suncor posted a second-quarter profit that missed analyst expectations by a penny, reflecting factors including the precautionary shutdown of third-party pipelines due to flooding in northern Alberta. Shares of Suncor, Canada's largest energy company, climbed 3.2 percent to C$33.50 and were the biggest positive influence on the market. Enbridge Inc, Canada's largest pipeline company, reported a 12 percent rise in second-quarter adjusted profit due to higher contracted volumes, lifting its shares 1.3 percent to C$46.15. Shares of Bombardier Inc rose 0.8 percent to C$5 after the aircraft and train maker reported a 22 percent rise in second-quarter profit, helped mainly by growth in its train business. Barrick reported stronger-than-expected quarterly results, sending its shares up 2.8 percent even as it recorded an $8.7 billion impairment charge and cut its dividend by 75 percent.