CANADA STOCKS-Toronto stocks rise in short session, led by mining

Tue Dec 24, 2013 1:36pm EST

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* TSX index rises 69.89 points, or 0.52 pct, to 13,517.59
    * Volumes light in shortened session


    By Cameron French
    TORONTO, Dec 24 (Reuters) - Canada's main stock index closed
higher in an abbreviated session on Tuesday, led by mining
stocks after a pair of deals in that sector and
stronger-than-expected U.S. economic data.
    Base metals miner Sherritt International jumped 14.8
percent to C$3.88 after the company said it would sell its coal
business for C$946 million. 
    Other base metals miners rallied, helped by higher prices.
Molybdenum miner Thompson Creek Metals climbed 7.7
percent to C$2.38.
    On the gold side, Agnico-Eagle Mines rose 4.6
percent to C$28.25, while Kyrgyzstan-focused Centerra Gold
 gained 4.8 percent to C$4.16 after it said it had agreed
to swap the Kyrgyz government's 32.7 percent stake in the
company for half of Centerra's flagship Kumtor mine.
    All told, the TSX's mining-heavy materials sector, which has
been a drag on the broader index this year, surged 2.3 percent,
making it the strongest sector on Tuesday.
    With volumes light in the shortened pre-holiday session,
investors took their cue from stronger-than-expected U.S.
durable goods orders data, the latest in a
string of positive reports that have raised hopes for robust
economic growth in 2014.
    "Economic indicators have been fairly good, both in Canada
and the U.S.," said Ian Nakamoto, director of research at
MacDougall, MacDougall & MacTier.
    Nine of the benchmark index's 10 subgroups ended higher.
    The financials subgroup rose 0.37 percent. Sun Life
Financial climbed 0.9 percent to C$37.34, while
Canadian Imperial Bank of Commerce advanced 0.7 percent
to C$90.24.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended the session up 69.89 points, or 0.52 percent, at
13,517.59.
    The Toronto exchange will remain closed on Wednesday and
Thursday for the Christmas and Boxing Day holidays.
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