CANADA STOCKS-Financials lead TSX to 1-month high on German data

Tue Dec 11, 2012 12:02pm EST

* TSX rises 73.00 points, or 0.60 percent, to 12,303.33
    * Index hits highest level since Nov. 7
    * All 10 main sectors make gains

    By John Tilak
    TORONTO, Dec 11 (Reuters) - Toronto's main stock index hit a
one-month high on Tuesday, led higher by financial and energy
stocks after positive German economic data encouraged the
market.
    Gauges of German analyst and investor morale rose sharply in
December, fueling hopes that Europe's largest economy will avoid
recession this winter. 
    "It shows that there is some prospect that the European
economy may be starting to gain a little bit of traction. It's
better than the numbers we've been seeing," said Rick Hutcheon,
president and chief operating officer at RKH Investments.
    Hutcheon said Canadian economic data was also encouraging. A
Statistics Canada report showed the country's trade deficit
unexpectedly shrank in October as imports fell to a 15-month low
while exports increased. 
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up 73.00 points, or 0.60 percent,
at 12,303.33. Earlier in the session it hit 12,304.36, its
highest point since Nov. 7.
    All 10 main sectors on the index were higher.
    Shares in Research In Motion  rose more than
5 percent to C$12.35 after Cormark Securities raised its price
target on the stock to $16 from $12, citing an improving outlook
for the embattled BlackBerry maker. 
    The financial sector, the index's biggest, rose 0.8 percent,
playing the biggest role of any single sector in leading the
market higher.
    Royal Bank of Canada gained 0.7 percent to C$58.94,
Bank of Nova Scotia was up 1.2 percent at C$56.59, and
Toronto-Dominion Bank added 0.6 percent to C$80.72. 
    The energy sector climbed 0.4 percent, helped by higher oil
prices. In the group, Canadian Natural Resources Ltd
 rose 0.8 percent to C$28.25.
    In other news, patent licensing company Wi-LAN Inc 
said it filed a lawsuit against RIM for infringing on a patent
related to bluetooth technology. Wi-LAN shares rose 2 percent to
C$4.99.
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