November 27, 2013 / 4:03 PM / 7 years ago

CANADA STOCKS-U.S. data, German deal push TSX higher

* TSX rises 17.69 points, or 0.13 percent, to 13,367.46
    * Eight of 10 main index sectors advance
    * RBC has biggest positive influence on market
    * Energy stocks drop with oil prices

    By John Tilak
    TORONTO, Nov 27 (Reuters) - Canada's main stock index
climbed on Wednesday with sentiment lifted by U.S. economic data
and an agreement reached by German political parties to form a
coalition government.
    The rise marked a moderate recovery from the previous
session, when the Toronto stock market's benchmark index had its
sharpest one-day drop in more than two months.
    Global equity markets cheered on Wednesday as German
Chancellor Angela Merkel clinched a coalition deal with the
Social Democrats about two months after emerging victorious in
the country's general election. 
    Stock markets also got support from data that showed the
number of Americans filing new claims for unemployment benefits
fell unexpectedly last week. 
    Thursday is U.S. Thanksgiving Day and equity markets tend to
do well ahead of the holiday, said Matt Skipp, president of SW8
Asset Management. "The focus is now on seasonality and the
Thanksgiving trade." 
    "The big number that the market is going to have an
emotional reaction to will be the U.S. jobs number," he added,
referring to the nonfarm payrolls report due early next month.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 17.69 points, or 0.13 percent, at 13,367.46.
    The index is up about 8 percent this year, but natural
resource shares have underperformed.
    "There's a little nervousness in Canada as we have
commodities rolling over," Skipp said.
    Eight of the 10 main sectors on the index were higher on
    Shares of banks and insurers climbed 0.5 percent. Royal Bank
of Canada, the country's biggest lender, advanced 0.7
percent to C$70, and had the biggest positive influence on the
index. Manulife Financial Corp gained 1.2 percent to
    Gold producers jumped 1 percent, with Barrick Gold Corp
 adding 0.7 percent to C$17.36, and Goldcorp Inc 
rising 0.5 percent to C$23.63.
    With oil prices declining, shares of energy companies
slipped 0.5 percent. Enbridge Inc gave back 1.8 percent
to C$43.94 and Canadian Natural Resources Ltd lost 0.2
percent to C$34.18.
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