Wednesday, April 23rd5.9°C
21104
20957

Miners push Toronto stock market higher, traders digest mixed bag of data

TORONTO - Rising mining stocks helped push the Toronto stock market to a three-year high Friday as traders digested a generally positive bag of economic indicators.

The S&P/TSX composite index closed up 53.11 points at 14,054.7 after closing above the 14,000 threshold Thursday for the first time since April 2011.

The Canadian dollar closed down 0.05 of a cent at 91.05 cents US even as manufacturing shipments declined 0.9 per cent in December, the first month that has happened since August.

New York indexes turned higher after the latest reading on U.S. consumer confidence, the University of Michigan's index, was unchanged at 81.2. A slight drop had been expected. Another report showed that harsh winter weather led to U.S. factory output falling by 0.8 per cent in January.

"(Weather) is a big deal and it will have an impact on the numbers," said Gareth Watson, vice-president, investment management and research, at Richardson GMP Ltd.

"But the extent that you can blame the weather is still up for debate. It’s a factor but is that the overriding factor? And I think you won’t really figure that out until we get a month where there hasn’t been interference from the weather."

The Dow Jones industrials jumped 126.8 points to 16,154.39, the Nasdaq was 3.36 points higher at 4,244.03 and the S&P 500 index rose 8.8 points to 1,838.63.

Elsewhere, China’s consumer prices rose 2.5 per cent over a year earlier in January, unchanged from December. Traders found the inflation data encouraging because it leaves the Chinese government room to stimulate the world’s second-biggest economy.

Other data showed that economic growth across the eurozone was stronger than expected as gross domestic product grew by 0.3 per cent in the fourth quarter from the previous quarter. That adds up to an annualized rate of about 1.2 per cent. Analysts had been looking for fourth-quarter growth of 0.2 per cent.

The TSX gold sector gained about two per cent as April bullion advanced $18.50 to US$1,318.60 an ounce.

The base metals component was ahead 0.83 per cent, with March copper up one cent at US$3.26 a pound.

Financials were up 0.51 per cent following a number of positive earnings reports this week from insurers.

The energy sector declined 0.19 per cent. Oil prices declined in the wake of the U.S. factory data as March crude on the New York Mercantile Exchange closed down five cents to US$100.30 a barrel.

On the earnings front, Enbridge Inc. (TSX:ENB) posted a fourth-quarter net loss of $267 million as it recognized lower values for some of its assets. Ex-items, the pipeline and energy services company earned 44 cents a share, two cents short of estimates and its shares added 45 cents to C$47.82.

Brookfield Asset Management Inc. (TSX:BAM.A) posted fourth-quarter net income of US$850 million, or $1.08 per share. Funds from operations increased to US$1.03 billion, or $1.59 per share, more than double a year earlier and its shares gained 47 cents to C$43.25.

And sports equipment company Bauer Performance Sports Ltd. (TSX:BAU) has signed a deal to buy the baseball and softball business of Easton-Bell Sports for US$330 million. Bauer shares slipped 33 cents to $13.85.

Strong earnings news and positive economic data pushed the TSX up 1.95 per cent this past week while the Dow industrials surged 2.28 per cent.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14555.97+62.29
S&P CDNX1004.887.67
DJIA16514.3765.12
Nasdaq4161.458+39.912
S&P 5001879.55+7.66
CDN Dollar0.90680.00
Gold1284.30+3.7001
Oil102.15-2.22
Lumber336.70+1.40
Natural Gas4.728-0.011

 
Okanagan Companies
Pacific Safety0.105-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.21-0.06
Cantex0.05+0.005
Anavex Life Sciences0.385-0.005
Metalex Ventures0.080.00
Russel Metals31.17+0.47
Copper Mountain Mining2.380.00
Colorado Resources0.26+0.005
ReliaBrand Inc0.11+0.03
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 





FEATURED Property
1871195219-2551 Shorline Drive
1 bedrooms 1 baths
$184,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_








Member of BC Press Council