CANADA STOCKS-Economic data spurs TSX to biggest jump in 2 weeks
* TSX rises 101.27 points, or 0.81 percent, to 12,674.35 * Nine of 10 main index sectors advance * Suncor has biggest positive influence on market * Barrick gains after plans to sell mines in Australia By John Tilak TORONTO, Aug 22 (Reuters) - Canada's main stock index recorded its biggest daily percentage gain in two weeks after strong economic data from China, Europe and the United States fed optimism about the global economy. The brighter economic outlook boosted commodity prices and fueled a spike in shares of metals and mining companies. Most of the other major sectors, including the financial and energy groups, also advanced. Manufacturing activity climbed to its highest in months in both the United States and China, while it topped expectations in Europe. Additional data showed the number of Americans filing new claims for jobless benefits last week held near a six-year low. Investors, who have been fixated on what the U.S. Federal Reserve might do next, were encouraged by the economic numbers. "The attention is starting to shift more to the economic data," said Youssef Zohny, portfolio manager at Stenner Investment Partners, a unit of Richardson GMP. "Recent data has been more positive, and it has been helping the cyclical areas of the market." "The fact that we've seen some stabilization in commodity prices and in commodity producers shows that investors are seeing some value," he added. The Toronto Stock Exchange's S&P/TSX composite index closed up 101.27 points, or 0.81 percent, at 12,674.35. Nine of the 10 main sectors on the index were higher. Stronger oil prices helped energy producers climb almost 1 percent. Suncor Energy Inc gained 1.5 percent to $35.38 and had the biggest positive influence on the market. Financials, the index's most heavily weighted sector, advanced 0.5 percent. Toronto Dominion Bank added 0.7 percent to C$87.97, and Manulife Financial Corp gained 2.2 percent to C$17.49. The sharpest jump came from the materials sector, which includes mining stocks. The group added 2.3 percent. Teck Resources Ltd was up 4 percent to C$27.33, and Barrick Gold Corp rose 3.1 percent to C$20.57. Barrick, the world's largest gold producer, also benefited from news that it agreed to sell three of its high-cost gold mines in Australia to Gold Fields Ltd for $300 million. Industrials advanced 1.6 percent, with Canadian Pacific Railway Ltd rising 3.6 percent to C$128.33.
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote