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Telecoms hold back TSE

The Toronto stock market was slightly higher Thursday as resource sectors benefited from signs of a recovering Chinese manufacturing sector. But the market was held back by earnings disappointments in the telecom and mining sectors.

Overall market sentiment also got a lift from American data showing a better than expected reading for consumer confidence and strength in the U.S. manufacturing sector.

The S&P/TSX composite index climbed 30.28 points to 12,453.19 while the TSX Venture Exchange added 4.36 points to 1,318.83.

The Canadian dollar shook off early losses to move up 0.17 of a cent at 100.27 cents US.

U.S. markets bounded ahead with the Dow Jones industrials jumping 147.34 points to 13,243.8, the Nasdaq composite index gaining 35.67 points to 3,012.9 and the S&P 500 index rising 13.43 points to 1,425.59.

The Conference Board says its consumer confidence index increased in October to 72.2, the highest level in almost five years.

Consumers were more confident after seeing better job growth, the report noted.

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