December 11, 2012 / 4:23 PM / 6 years ago

CANADA STOCKS-Financials lead TSX to 1-month high on German data

* TSX rises 53.86 points, or 0.44 percent, to 12,284.33
    * Index hits highest level since Nov. 7
    * Nine of 10 main sectors make gains

    By John Tilak
    TORONTO, Dec 11 (Reuters) - Toronto's main stock index hit a
one-month high on Tuesday, led by financial and energy stocks,
with investors encouraged by positive German economic data.
    German analyst and investor morale improved sharply in
December, fueling hopes that Europe's largest economy will avoid
recession this winter. 
    "It shows that there is some prospect that the European
economy may be starting to gain a little bit of traction. It's
better than the numbers we've been seeing," said Rick Hutcheon,
president and chief operating officer at RKH Investments.
    Hutcheon said Canadian economic data was also encouraging. A
Statistics Canada report showed the country's trade deficit
unexpectedly shrank in October, as imports fell to a 15-month
low while exports increased. 
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up 53.86 points, or 0.44 percent,
at 12,284.33. Earlier in the session the index hit 12,298.86,
its highest point since Nov. 7.
    Nine of the 10 main sectors on the index were trading
    The financial sector, the index's biggest, rose 0.5 percent,
playing the biggest role of any single sector in leading the
market higher.
    Royal Bank of Canada gained 0.6 percent to C$58.83,
Bank of Nova Scotia was up 0.6 percent at C$56.28 and
Toronto Dominion Bank added 0.4 percent to C$80.53. 
    The energy sector climbed 0.5 percent, helped by higher oil
    Canadian Natural Resources Ltd rose 0.8 percent to
    In other news, patent licensing company Wi-LAN Inc 
said it filed a lawsuit against Research In Motion Ltd 
for infringing on a patent related to bluetooth technology.
Wi-LAN shares rose 2 percent to C$4.99.
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