(MENAFN- ProactiveInvestors) Canadian shares advanced today led by commodity and financial stocks as data showed the U.S. economy expanded at a slower pace in the fourth quarter than previously reported.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.6 percent to 15330.77 at 12:37 p.m. in Toronto. Three shares advanced for every two stocks that declined as six out of ten share groups were up.
U.S. gross domestic product the value of all goods and services produced rose at a 2.2 percent annualized rate down from an initial estimate of 2.6 percent U.S. Commerce Department figures showed today.
The materials sub-index which includes mining shares jumped 1.3 percent as gold rebounded today. (TSE:G) Canada’s largest gold miner by market value added 1.9 percent to C$27.73. (TSE:ABX) the second-largest gained 3 percent to C$16.45.
Ainsworth Lumber (TSE:ANS) a lumber-products company slipped 1.2 percent to C$3.33 after posting a wider loss and lower sales noting the pace of demand growth in the North American OSB market didn’t materialize as expected.
Spot gold was up 0.6 percent at $1214 an ounce by 10:45 a.m. while U.S. gold futures rose $3.90 to $1213.90 an ounce. Gold rose as mixed U.S. data tempered expectations of a Fed rate hike this year.
Financials the index's most heavily weighted sector advanced 1 percent. () which has the heaviest weighting in the index increased 1.2 percent to C$78.97. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value rose 1.9 percent C$55.48.
Aimia () fell 11.6 percent to C$12.69. National Bank downgraded the marketing and loyalty-program provider to sector perform from outperform citing disappointing guidance for 2015.
The energy sector the main index's second most heavily weighted group increased 0.2 percent as oil Canada’s largest export advanced after plunging almost $3 a barrel yesterday.
Energy (TSE:SU) Canada's largest oil sands producer skidded 0.3 percent to C$37.97. (TSE:ENB) Canada's largest pipeline company added 1.7 percent to C$58.58.
Limited () Canada’s largest independent energy company slipped 0.6 percent to C$36.73.
() rose 2.8 percent to C$4.11 even as the oil and gas producer reported a large loss in the fourth quarter hurt by non-cash charges due to the collapse in oil prices.
() fell 2.4 percent to C$0.610 as the open-ended trust reported lower oil and gas production in the fourth quarter.
West Texas Intermediate for April delivery in New York was up $1.09 to $49.79 a barrel.
The junior () inched up 0.2 percent to 702.18 at 12:10 p.m. in Toronto.
In economic news the finance department said today that the Canadian government posted a budgetary surplus of C$2.43 billion in December nearly double the result of a year earlier mostly because of a transfer of General Motors shares to the province of Ontario.
In currency the Canadian dollar was higher this morning amid a general weakening in the American currency and higher oil prices. The loonie rose 0.47 of a U.S. cent to 80.3 cents.
In the U.S. market shares wavered.The S&P 500 (INDEXSP:.INX) was flat at 2110. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.2 percent to 18187 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) surrendered 0.1 percent to 4985.02. Most followed shares included J. C. Penney Weight Watchers Monster Beverage Gap CSX Southwestern Energy Universal Health Services and T-Mobile US.
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