November 29, 2013 / 4:12 PM / 7 years ago

CANADA STOCKS-TSX buoyed by GDP data, gold; set for monthly gain

* TSX rises 87.49 points, or 0.65 percent, to 13,458.32
    * Nine of 10 main index sectors advance
    * Index on track for weekly, monthly gains
    * Atrium Innovations jumps on takeover deal

    By John Tilak
    TORONTO, Nov 29 (Reuters) - Canada's main stock index
climbed on Friday in low-volume trading after signs of improving
growth in the economy boosted sentiment and a jump in the price
of bullion lifted gold-mining shares.
    Data showed Canada's economy recording third-quarter growth
at the fastest pace in two years, helped by consumer spending
and business inventory accumulation. 
    The Toronto market extended its gains to a third straight
session and looked set to post its fifth consecutive monthly
    Trading activity was sluggish on the day following the U.S.
Thanksgiving holiday, with U.S. markets scheduled for an
abbreviated trading day on Friday.
    "It will be extremely quiet, but we expect the market to
have an upward bias," said Irwin Michael, portfolio manager at
ABC Funds. 
    "We'll probably see higher prices between now and year-end,"
he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 87.49 points, or 0.65 percent, at 13,458.32.
    About 63 million shares changed hands, compared with an
average daily volume of about 294 million shares in October,
according to market operator TMX Group.
    Despite its sharpest one-day decline in more than two months
on Tuesday, the index was on track to end the week higher. The
benchmark is up about 7.5 percent this year.
    Nine of the 10 main sectors on the index were higher on
    Financial shares were up 0.5 percent. Royal Bank of Canada
 advanced 0.5 percent to C$70.73, and Bank of Montreal
 rose 0.9 percent to C$74.06.
    Gold-mining shares jumped 1.5 percent, mirroring an increase
in the price of bullion. 
    Shares of energy producers, benefiting from a higher oil
price, gained 0.9 percent. Suncor Energy Inc was up 1.8
percent, at C$36.99, playing the most influential role of any
single stock in leading the market higher.
    In corporate news, an Australian regulator put on hold
Saputo Inc's bid for Warrnambool Cheese and Butter
Factory Co. Saputo's stock was up 1.5 percent to
    With a group of investors moving to acquire Atrium
Innovations Inc, shares of the dietary supplements
maker shot up 23.4 percent to C$24.17.
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