Canadian shares gained for a fourth day after manufacturing data from the U.S. and China, the nation's two largest trading partners, grew more than forecast.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.2 percent to 13,426.29 at 11:51 a.m. in Toronto. Eight out of ten main groups advanced.
Data showed China's factory growth at an 18-month high in November as domestic and foreign demand strengthened. The Institute for Supply Management’s factory index rose to 57.3 in November from 56.4 a month earlier, the Tempe, Arizona-based group’s report showed today.
The energy sector, the main index's second most heavily weighted group, paced gains on higher oil prices. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, rose 2.1 percent to C$37.17. Canadian Natural Resources Ltd. (TSE:CNQ), the second-largest energy company, edged up less than 0.1 percent to C$32.94.
Talisman Energy Inc. (TSE:TLM), the oil and natural gas producer focused on the Americas and Southeast Asia, gained 3.1 percent to C$12.81. Talisman has reached a deal with activist investor Carl Icahn, which will see the Calgary, Alberta-based company name two managing directors from Icahn’s firm to its board.
Canacol Energy Ltd. (TSE:CNE), a junior Canadian oil company that operates in Colombia and Ecuador, jumped as much as 18 percent to C$5.75, the highest intraday in more than a year. The Calgary-based company announced the results of the Leono 1 exploration well drilled in the Llanos Basin of Colombia. It said the Leono 1 encountered 133 feet of net oil pay within 4 different reservoirs.
West Texas Intermediate crude for January delivery advanced 0.9 percent to $93.60 a barrel at 10:47 a.m. on the New York Mercantile Exchange.
The financials group, which accounts for 35.6 percent of the main measure, more than any other group, inched up 0.3 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.2 percent to C$70.57. Bank of Nova Scotia (TSE:BNS), the third-largest, ticked up 0.1 percent to C$65.26.
The materials sub-index, which includes mining shares, sank 1.7 percent as gold futures fell to the lowest since July. Barrick Gold Corp. (TSE:ABX), the world’s largest producer of the metal by volume, tumbled 3.9 percent to C$16.93. Goldcorp Inc. (TSE:G) retreated 2.4 percent to C$23.08.
Nevsun Resources Ltd. (TSE:NSU), the operator of the Bisha mine in Eritrea, dropped 2.8 percent to C$3.47, reversing earlier gains. The Vancouver-based company said the mine has reached commercial production for the copper expansion with the successful commissioning of its flotation plant.
In corporate news, Brampton Brick Ltd. (TSE:BBL.A), Canada's second largest manufacturer of clay brick, said it has agreed to buy assets of Atlas Block from the landscaping-product maker’s receiver for about C$12 million to C$14 million. Brampton said the purchase will support its plans to expand its product portfolio and better service its concrete landscape and masonry products customers.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) declined 0.7 percent to 928.05 at 11:53 a.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, slipped 2.7 percent to C$10.14. The 371-member measure, where energy and materials producers account for 84 percent of its weighting, had lost 23.5 percent this year before today.
In currency, the Canadian dollar fell to the lowest level in two years as weak exports last quarter added to concern expressed by Bank of Canada policy makers that a projected driver of economic growth has not yet materialized. The loonie slid 0.2 percent to C$1.0642 per U.S. dollar at 10:31 a.m. in Toronto. One loonie buys 93.97 U.S. cents.
In the U.S., shares dropped as investors weighed reports on holiday retail sales and data that indicated manufacturing unexpectedly rose last month. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.1 percent at 11:08 a.m. in New York. The S&P 500 (INDEXSP:.INX) edged up 0.1 percent, while the Nasdaq Composite (INDEXNASDAQ:.IXIC) was little changed. Most followed shares included eBay, Monster Beverage, Groupon, US Ecology, Dow Chemical, Bank of America, 3M, Biogen Idec, ArcelorMittal and American Eagle Outfitters.
Reported by Proactive Investors 6 hours ago.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.2 percent to 13,426.29 at 11:51 a.m. in Toronto. Eight out of ten main groups advanced.
Data showed China's factory growth at an 18-month high in November as domestic and foreign demand strengthened. The Institute for Supply Management’s factory index rose to 57.3 in November from 56.4 a month earlier, the Tempe, Arizona-based group’s report showed today.
The energy sector, the main index's second most heavily weighted group, paced gains on higher oil prices. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, rose 2.1 percent to C$37.17. Canadian Natural Resources Ltd. (TSE:CNQ), the second-largest energy company, edged up less than 0.1 percent to C$32.94.
Talisman Energy Inc. (TSE:TLM), the oil and natural gas producer focused on the Americas and Southeast Asia, gained 3.1 percent to C$12.81. Talisman has reached a deal with activist investor Carl Icahn, which will see the Calgary, Alberta-based company name two managing directors from Icahn’s firm to its board.
Canacol Energy Ltd. (TSE:CNE), a junior Canadian oil company that operates in Colombia and Ecuador, jumped as much as 18 percent to C$5.75, the highest intraday in more than a year. The Calgary-based company announced the results of the Leono 1 exploration well drilled in the Llanos Basin of Colombia. It said the Leono 1 encountered 133 feet of net oil pay within 4 different reservoirs.
West Texas Intermediate crude for January delivery advanced 0.9 percent to $93.60 a barrel at 10:47 a.m. on the New York Mercantile Exchange.
The financials group, which accounts for 35.6 percent of the main measure, more than any other group, inched up 0.3 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.2 percent to C$70.57. Bank of Nova Scotia (TSE:BNS), the third-largest, ticked up 0.1 percent to C$65.26.
The materials sub-index, which includes mining shares, sank 1.7 percent as gold futures fell to the lowest since July. Barrick Gold Corp. (TSE:ABX), the world’s largest producer of the metal by volume, tumbled 3.9 percent to C$16.93. Goldcorp Inc. (TSE:G) retreated 2.4 percent to C$23.08.
Nevsun Resources Ltd. (TSE:NSU), the operator of the Bisha mine in Eritrea, dropped 2.8 percent to C$3.47, reversing earlier gains. The Vancouver-based company said the mine has reached commercial production for the copper expansion with the successful commissioning of its flotation plant.
In corporate news, Brampton Brick Ltd. (TSE:BBL.A), Canada's second largest manufacturer of clay brick, said it has agreed to buy assets of Atlas Block from the landscaping-product maker’s receiver for about C$12 million to C$14 million. Brampton said the purchase will support its plans to expand its product portfolio and better service its concrete landscape and masonry products customers.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) declined 0.7 percent to 928.05 at 11:53 a.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, slipped 2.7 percent to C$10.14. The 371-member measure, where energy and materials producers account for 84 percent of its weighting, had lost 23.5 percent this year before today.
In currency, the Canadian dollar fell to the lowest level in two years as weak exports last quarter added to concern expressed by Bank of Canada policy makers that a projected driver of economic growth has not yet materialized. The loonie slid 0.2 percent to C$1.0642 per U.S. dollar at 10:31 a.m. in Toronto. One loonie buys 93.97 U.S. cents.
In the U.S., shares dropped as investors weighed reports on holiday retail sales and data that indicated manufacturing unexpectedly rose last month. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.1 percent at 11:08 a.m. in New York. The S&P 500 (INDEXSP:.INX) edged up 0.1 percent, while the Nasdaq Composite (INDEXNASDAQ:.IXIC) was little changed. Most followed shares included eBay, Monster Beverage, Groupon, US Ecology, Dow Chemical, Bank of America, 3M, Biogen Idec, ArcelorMittal and American Eagle Outfitters.
Reported by Proactive Investors 6 hours ago.