(MENAFN- ProactiveInvestors) Canadian shares rallied on Thursday as Canadian exports surged for a second month in July and the European Central Bank revamped its quantitative-easing program.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.7% to 13639.62 at 12:14 p.m. in Toronto. More than two shares advanced for every issue that declined as nine out of ten share groups were in positive territory.
Exports rose 2.3 percent after a 5.5 percent gain in June Statistics Canada said in a report on Thursday. The data added to evidence Canada’s economy is rebounding from a slump.
ECB President Mario Draghi raised the purchase limit of a country’s debt stock allowing officials to buy higher proportions of each euro area member’s debt.
The energy sector the main index's second most heavily weighted group rose 1.3% as oil Canada’s largest export soared as much as 4%.
Energy (TSE:SU) Canada's largest oil sands producer gained 0.9% to C$35.33. (TSE:ENB) Canada's largest pipeline company rose 2.3% to C$53.97.
() fell 3.8% to $6.52 after the investment company said production of Canada’s largest synthetic crude project would be “minimal” for two weeks after a weekend fire at Syncrude’s main plant.
U.S. crude rose 2.3% to $47.31 per barrel having traded between a low of $45.65 and high of $48.42. It settled $0.84 higher on Wednesday.
The materials sub-index which includes mining shares edged higher 0.4% even as gold fell 1% on Thursday.
(TSE:G) Canada’s largest gold miner by market value sank 0.3% to C$18.18. (TSE:ABX) Canada’s second-largest gold miner fell 0.7% to C$8.82.
Financials the index's most heavily weighted sector added 0.9%. () which has the heaviest weighting in the index surged 1% to C$72.06. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value ticked up 0.6% to C$51.70.
() rose 0.9% to C$24.09 after saying its third-quarter adjusted cash earnings totaled to C$0.65 per share down C$0.02 from a year earlier but ahead of the C$0.67 analysts polled by Capital IQ predicted.
() gained 6.5% to C$2.14 after saying its third-quarter profit rose 39% to C$2.5 million or 4 Canadian cents a share. Year-earlier results were weighed down by C$1 million in impairment charges and other costs the restaurant operator noted. Same-restaurant sales were up 1.2%.
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