December 9, 2013 / 4:28 PM / 7 years ago

CANADA STOCKS-TSX climbs on signals of strength from China, U.S.

* TSX rises 59.22 points, or 0.45 percent, to 13,339.94
    * Seven of the 10 main index sectors advance
    * RBC plays biggest role in pushing index higher
    * Barrick, Goldcorp climb with bullion prices

    By John Tilak
    TORONTO, Dec 9 (Reuters) - Canada's main stock index rose on
Monday after positive Chinese economic signals helped push up
some commodity prices and a strong U.S. jobs report on Friday
suggested stability in the world's biggest economy.
    Seven of the 10 main sectors on the index were in positive
territory, with bank and gold-mining shares driving the gains. 
    Data showed China's exports topped forecasts in November and
that annual consumer inflation in the month slowed unexpectedly.
    A report released on Friday showed U.S. employers hired more
workers than expected in November and the jobless rate reached a
five-year low. 
    While such upbeat news has often elicited negative responses
from the market due to fears that the U.S. Federal Reserve might
begin to scale back its stimulus program, investors have
welcomed the latest wave of data.
    "The market seems to be finally treating good news as good
news," said David Cockfield, managing director and portfolio
manager at Northland Wealth Management.
    He said he is positive on the Canadian equity market, adding
the Fed is unlikely to make any major move until March. "We may
have the stage set for a rally into the end of the year."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 59.22 points, or 0.45 percent, at 13,339.94.
    Financials, the index's most heavily weighted sector,
climbed 0.9 percent. Royal Bank of Canada, the country's
biggest lender, jumped 1.8 percent to C$70.28 and had the
biggest positive influence on the index. Toronto-Dominion Bank
 gained 1.2 percent to C$96.62.
    Gold miners jumped more than 2 percent, supported by gains
in the price of bullion. Barrick Gold Corp rose nearly
3 percent to C$16.86, and Goldcorp Inc added 1.5 percent
to C$22.76. 
    In related news, Goldcorp said a group challenging its use
of lands around its Peñasquito mine in Mexico is threatening to
sue the company in Canada.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below