Canadian shares rose as better-than-forecast retail sales data from the U.S., the nation's largest trading partner, drove up resource producers.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.4 percent to 13,730.98 at 11:57 a.m. in Toronto. Almost three shares gained for every two stocks that lost as eight of the ten main groups advanced.
A government report said a gauge of U.S. consumer spending rose more than forecast in December, indicating greater momentum for the world's biggest economy.
The materials sub-index, which includes mining shares, rose 0.9 percent after gold prices traded near a one-month high.
Thompson Creek Metals Co. (TSE:TCM), a producer of molybdenum from mines in Canada and the U.S., leaped 17.3 percent to C$2.78 after Bank of America upgraded its rating on the stock to buy from underperform.
Tahoe Resources Inc. (TSE:THO), which provides mining services, fluctuated between gains and losses after saying its Escobal silver mine in Guatemala has reached commercial production.
Canexus Corp. (TSE:CUS), a chemical maker, dived 12.7 percent to C$6.56 after saying costs for a train expansion will be about 40 percent higher than previous forecasts.
Gold for February delivery was little changed at $1,251.40 an ounce on the Comex in New York.
The energy sector, the main index's second most heavily weighted group, added 0.3 percent on higher oil prices. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, rose 0.3 percent to C$37.39.
Pinecrest Energy Inc. (CVE:PRY), a Calgary-based oil and gas explorer, plunged 36 percent to 23.5 cents after production in December fell short of previous guidance.
West Texas Intermediate crude for February delivery rose 0.3 percent to $92.06 a barrel at 11:25 a.m. on the New York Mercantile Exchange.
The financials group, which accounts for 35 percent of the main measure, more than any other group, ticked up 0.2 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, was little changed at C$71.18. Toronto-Dominion Bank (TSE:TD), the second-largest, inched up less than 0.1 percent to C$97.85.
The telecommunications group, the sixth heaviest on the stock, climbed 1.1 percent after Globalive's Wind Mobile withdrew from a major Canadian auction of wireless spectrum. BCE Inc. (TSE:BCE), Canada’s second-largest wireless carrier, added 0.6 percent to C$46.68.
In other stocks, Shaw Communications Inc. (TSE:SJR.B), the cable and satellite television provider, dropped 1.5 percent to C$24.94 even as it posted a 4 percent increase in fiscal first-quarter profit. The company continued to lose customers in its main cable television business.
Corus Entertainment Inc. (TSE:CJR.B), the Toronto-based television media company, gained 3.5 percent to C$25.46 after saying its first-quarter profit rose to C$1.78 a share from 62 Canadian cents, beating expectations.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) slid 0.1 percent to 964.20 at 11:57 a.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, was little changed at C$9.58. The 372-member measure, where energy and materials producers account for 84 percent of its weighting, gained 3.5 percent this year through yesterday.
In the U.S., shares advanced as retail sales rose more than forecast in December and investors digested earnings from major banks. The S&P 500 (INDEXSP:.INX) gained 0.7 percent at 11:01 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) added 0.4 percent, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 1.1 percent. Most followed shares included JPMorgan Chase, Wells Fargo, Google, Microsoft, General Mills, Brocade Communications, WellPoint and GameStop.
Reported by Proactive Investors 6 hours ago.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.4 percent to 13,730.98 at 11:57 a.m. in Toronto. Almost three shares gained for every two stocks that lost as eight of the ten main groups advanced.
A government report said a gauge of U.S. consumer spending rose more than forecast in December, indicating greater momentum for the world's biggest economy.
The materials sub-index, which includes mining shares, rose 0.9 percent after gold prices traded near a one-month high.
Thompson Creek Metals Co. (TSE:TCM), a producer of molybdenum from mines in Canada and the U.S., leaped 17.3 percent to C$2.78 after Bank of America upgraded its rating on the stock to buy from underperform.
Tahoe Resources Inc. (TSE:THO), which provides mining services, fluctuated between gains and losses after saying its Escobal silver mine in Guatemala has reached commercial production.
Canexus Corp. (TSE:CUS), a chemical maker, dived 12.7 percent to C$6.56 after saying costs for a train expansion will be about 40 percent higher than previous forecasts.
Gold for February delivery was little changed at $1,251.40 an ounce on the Comex in New York.
The energy sector, the main index's second most heavily weighted group, added 0.3 percent on higher oil prices. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, rose 0.3 percent to C$37.39.
Pinecrest Energy Inc. (CVE:PRY), a Calgary-based oil and gas explorer, plunged 36 percent to 23.5 cents after production in December fell short of previous guidance.
West Texas Intermediate crude for February delivery rose 0.3 percent to $92.06 a barrel at 11:25 a.m. on the New York Mercantile Exchange.
The financials group, which accounts for 35 percent of the main measure, more than any other group, ticked up 0.2 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, was little changed at C$71.18. Toronto-Dominion Bank (TSE:TD), the second-largest, inched up less than 0.1 percent to C$97.85.
The telecommunications group, the sixth heaviest on the stock, climbed 1.1 percent after Globalive's Wind Mobile withdrew from a major Canadian auction of wireless spectrum. BCE Inc. (TSE:BCE), Canada’s second-largest wireless carrier, added 0.6 percent to C$46.68.
In other stocks, Shaw Communications Inc. (TSE:SJR.B), the cable and satellite television provider, dropped 1.5 percent to C$24.94 even as it posted a 4 percent increase in fiscal first-quarter profit. The company continued to lose customers in its main cable television business.
Corus Entertainment Inc. (TSE:CJR.B), the Toronto-based television media company, gained 3.5 percent to C$25.46 after saying its first-quarter profit rose to C$1.78 a share from 62 Canadian cents, beating expectations.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) slid 0.1 percent to 964.20 at 11:57 a.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, was little changed at C$9.58. The 372-member measure, where energy and materials producers account for 84 percent of its weighting, gained 3.5 percent this year through yesterday.
In the U.S., shares advanced as retail sales rose more than forecast in December and investors digested earnings from major banks. The S&P 500 (INDEXSP:.INX) gained 0.7 percent at 11:01 a.m. in New York. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) added 0.4 percent, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 1.1 percent. Most followed shares included JPMorgan Chase, Wells Fargo, Google, Microsoft, General Mills, Brocade Communications, WellPoint and GameStop.
Reported by Proactive Investors 6 hours ago.