CANADA STOCKS-GDP data, gold stocks take TSX higher

Fri Nov 29, 2013 4:27pm EST

* TSX rises 24.57 points, or 0.18 percent, to 13,395.40
    * Index up 0.3 percent this month
    * Seven of 10 main index sectors advance
    * Atrium Innovations jumps on takeover deal

    By John Tilak
    TORONTO, Nov 29 (Reuters) - Canada's main stock index
advanced on Friday in low-volume trading, boosted by a pick-up
in the rate of economic activity and a jump in gold-mining
shares after the price of bullion rose.
    Data showed Canada's economy recording third-quarter growth
at its fastest pace in two years, helped by consumer spending
and business inventory accumulation. 
    Climbing for a third straight session, the Toronto market
posted its fifth consecutive monthly gain, the index's biggest
streak of monthly advances in more than a year.
    Trading was sluggish on the day following the U.S.
Thanksgiving holiday, with U.S. markets having an abbreviated
trading day.
    "It seems quite clear that the economy is picking up steam
and is well positioned for next year," said Elvis Picardo,
strategist and vice president of research at Global Securities
in Vancouver.
    "We expect the typical post-Thanksgiving sentiment to
continue," he added. "It's usually a strong phase for equity
markets, and we don't see any reason why it should be any
different this time."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 24.57 points, or 0.18 percent, at 13,395.40.
    About 216 million shares changed hands, compared with an
average daily volume of about 294 million shares in October,
according to market operator TMX Group.
    The benchmark is up about 7.5 percent this year.
    Seven of the 10 main sectors on the index were higher on
Friday.
    Gold-mining shares jumped 1.3 percent, mirroring an increase
in the price of bullion. Barrick Gold Corp 
advanced 1 percent to C$17.61.
    Shares of energy producers, benefiting from a higher U.S.
crude oil price, gained 0.4 percent. Suncor Energy Inc 
was up 0.3 percent at C$36.42, and Canadian Natural Resources
Ltd climbed 0.5 percent to C$34.58.
    In corporate news, an Australian regulator put on hold
Saputo Inc's bid for Warrnambool Cheese and Butter
Factory Co. Saputo's stock was up 0.2 percent at     
C$48.42. 
    With a group of investors moving to acquire Atrium
Innovations Inc, shares of the dietary supplements
maker shot up 23.9 percent to C$24.25.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.