CANADA STOCKS-TSX higher after strong Canada GDP data

Mon Dec 23, 2013 11:05am EST
 
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* TSX up 15.87 points, or 0.12 pct, at 13,415.47
    * Six of the 10 index subgroups advance
    * GDP data provides boost in light volume


    By Cameron French
    TORONTO, Dec 23 (Reuters) - Canada's main stock index rose
on Monday, led by gains in energy stocks after data showed
Canada's economy grew more strongly than expected in October.
    With many market players already booked off for the
holidays, trading volumes were muted and most sectors showed
only modest movement, with weakness centered in the gold-mining
sector.
    Canada's economy grew by 0.3 percent in October from
September, Statistics Canada said, topping analysts' forecasts
for a 0.2 percent advance, and boosting market hopes that the
country might finally be shaking off the worst of the great
recession. 
    With little other news in the market, the growth data was
likely providing a modest boost to the index, said Michael
Sprung, president of Sprung Investment Management.
    "It's keeping things positive," he said.
    Six of the 10 TSX subgroups were higher, with the heavily
weighted energy group up 0.27 percent.
     "People are looking for where they want to be positioned
for the new year. Certainly energy, which hasn't done so well
all year, there are perhaps some more opportunities surfacing
here," Sprung said.
    Talisman Energy was up 1.7 percent at C$12.40,
while Encana Corp was up 1.0 percent at C$19.18.
    All told, the Toronto Stock Exchange's S&P/TSX composite
index was up 15.87 points, or 0.12 percent, at
13,415.47, a little more than an hour into trading.
    The Toronto exchange will close at 1 p.m. (1800 GMT) on
Tuesday, and will be closed on Wednesday and Thursday for the
Christmas and Boxing Day holidays.
    With just a few days left in the trading year, the TSX
composite is up 7 percent year-to-date, underperforming U.S.
indexes.
    The materials sector, made up largely of mining companies,
was down 0.28 percent, with gold-mining stocks leading the way
down on lower gold prices.
    Kinross Gold was down 3.1 percent at C$4.54, while
Barrick Gold slid 2.2 percent to C$17.45.
    Among individual stocks, Reitmans Canada rose 7.2
percent to C$6.81 after Fairfax Financial said it had
recently bought up 2 million shares, or 4 percent, of the
clothing retailer, bringing its total holding to 13.8 percent.