CANADA STOCKS-Energy gains, U.S. data take TSX higher

Thu Nov 21, 2013 4:30pm EST

* TSX rises 45.32 points, or 0.34 percent, to 13,475.33
    * Nine of 10 main index sectors advance
    * Gold-mining shares hit a four-month low
    * Gildan drops after reporting results

    By John Tilak
    TORONTO, Nov 21 (Reuters) - Canada's main stock index
advanced on Thursday as a jump in the price of oil pushed up
shares of energy companies and positive U.S. economic data drove
gains across most of the other major sectors.
    The advances were capped by a drop in bullion prices, which
took gold-mining stocks to their lowest in more than four months
after dropping sharply the previous session.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 45.32 points, or 0.34 percent, at 13,475.33.
    Upbeat data from the United States spurred investors to
overlook worries about the fate of the U.S. Federal Reserve's
stimulus program.
    The number of Americans filing new claims for unemployment
benefits dropped more than expected last week, indicating
strengthening labor market conditions in the world's largest
economy. 
    "Sentiment is quite bullish," said Elvis Picardo, strategist
at Global Securities in Vancouver. "There's still a ton of money
on the sidelines. Investors are using dips to get in on the
action."
    "Investors are not afraid to take on risk," he added. "This
appetite to take on risk is positive for the TSX."
    The benchmark Canadian index is up about 8 percent so far
this year. Nine of the 10 main sectors on the index ended higher
on Thursday.
    With oil prices rising, shares of energy companies climbed
0.9 percent. Canadian Natural Resources Ltd advanced
1.7 percent to C$35.26, and Talisman Energy Inc added
1.3 percent to C$12.78.
    Financials, the index's heavily weighted sector, edged
higher, with Toronto-Dominion Bank gaining 0.3 percent
to C$98.18.
    But gold producers gave back 0.8 percent. Barrick Gold Corp
 dropped 0.8 percent to C$17.79 and Kinross Gold Corp
 shed 1.2 percent to C$4.90.
    In corporate news, Gildan Activewear Inc reported a
9 percent rise in fourth-quarter profit, but shares of the
apparel maker were down 3.3 percent at C$49.60.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.