TSX up on news from China
Dec 3, 2012 / 6:45 am
The Toronto stock market is slightly higher amid news that China's manufacturing sector finally moved back to expansion mode.
The S&P/TSX composite index gained 10.36 points to 12,249.72 as HSBC's Purchasing Managers' Index for the world's second-biggest economy rose to 50.5 in November from October's 49.5. Any reading above 50 indicates activity is expanding. It was the first time in 13 months that China's manufacturing sector emerged from contraction.
The Canadian dollar was up 0.03 of a cent to 100.67 cents US.
The Dow Jones industrials gained 50.69 points to 13,076.27, as traders also looked to negotiations aimed at avoiding a fiscal crisis by the end of the year. The Nasdaq composite index rose 17.69 points to 3,027.93, and the S&P 500 index was ahead 6.64 points to 1,422.82.
Traders also took in a major deal in the food sector. Dairy and grocery products company Saputo (TSX:SAP) is paying US$1.45 billion to buy Morningstar Foods, a U.S. company that makes a variety of dairy and non-dairy products.
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