Positive Economic Data, Firmer Commodities Lift TSX

(RTTNews) - Canadian stocks are moving up Wednesday morning, turning positive after five successive days of losses, with higher crude oil and bullion prices triggering some strong buying in energy and mining sections.

Investors are reacting positively to the latest batch of U.S. economic data, including a report from private payroll processer ADP showed a notable increase in private sector jobs in the U.S. in the month of November.

Investors are also digesting Bank of Canada's decision to leave its benchmark interest rate unchanged. The central bank, which said effects of a lower currency and higher prices in certain consumer sectors pushed up inflation faster than expected, added that falling oil prices and household debt are economic risks.

The benchmark S&P/TSX Composite Index is up 117.82 points or 0.81 percent at 14,737.89, after rising to 14,768.12.

On Tuesday, the index ended down 5.25 points or 0.04 percent at 14,620.07, after scaling a intraday high of 14,707.65 and a low of 14,570.67.

The Energy Index is up 2.6 percent. Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Canadian Oil Sands (COS.TO) and ARC Resources (ARX.TO) are up 2 to 4 percent.

Tourmaline Oil Corp. (TOU.TO), Cenovus Energy (CVE.TO) and Canadian Natural Resources (CNQ.TO) are moving up 1 to 1.5 percent.

Athabasca Oil Corporation (ATH.TO) is up nearly 8 percent after its Board of Directors approved an initial 2015 capital budget of C$266 million, which includes C$58 million of carryover from the 2014 budget.

Bankers Petroleum (BNK.TO), Raging River Exploration (RRX.TO), Talisman Energy (TLM.TO) and Legacy Oil + Gas (LEG.TO) are rising 2 to 6 percent.

The Capped Materials Index is up 2.4 percent. Barrick Gold Corporation (ABX.TO) is up nearly 3 percent. The company has announced the completion of the JV agreement with Saudi Arabian mining company Ma'aden for Jabal Sayid copper mine in Saudi Arabia.

Goldcorp Inc. (G.TO), Franco-Nevada Corporation (FNV.TO), Silver Wheaton Corp. (SLW.TO), Agnico Eagle Mines (AEM.TO) and Eldorado Gold Corporation (ELD.TO) are up 2 to 4 percent.

The Diversified Metals & Mining Index is up 1.7 percent. First Quantum Minerals (FM.TO) is moving up 1.5 percent, Teck Resources (TCK.B.TO) is up 4 percent, HundBay Minerals (HBM.TO), Sherritt International Corporation (S.TO) is rising over 5 percent and Major Drilling Group International Inc. (MDI.TO) is advancing 2.6 percent.

The Industrials Index is up nearly 1 percent, with Air Canada (AC.TO), CAE Inc. (CAE.TO), WestJet Airlines (WJA.TO), SNC-Lavalin Group Inc. (SNC.TO), Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) moving up 0.5 to 1.5 percent.

The Information Technology Index is up 0.65 percent. Avigilon Corporation (AVO.TO) is rising over 3 percent, Sierra Wireless Inc. (SW.TO) is moving up 2.5 percent, Open Text Corporation (OTC.TO) is up 1.7 percent, Wi-LAN Inc. (WIN.TO) is advancing 1.5 percent, Celestica Inc. (CLS.TO) is rising 1.1 percent and CGI Group Inc. (GIB.A.TO) is adding 0.7 percent.

The Financial Index is up marginally. Among big six banks, Royal Bank of Canada (RY.TO) is down marginally. The bank reported a net income of C$2.32 billion or $1.57 per share for the fourth quarter, up from C$2.10 billion or C$1.39 per share in the prior-year quarter.

Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) are lower by 0.5 to 1 percent. Meanwhie, Canadian Imperial Bank of Commerce (CM.TO) and Toronto-Dominion Bank (TD.TO) are flat.

Ritchie Bros. Auctioneers (RBA.TO) is up 1.5 percent. The company has conducted its largest agriculture auction of 2014 on December 2 in Saskatoon, SK, selling more than C$41 million of equipment and trucks in a single day.

Onex Corp. (OCX.TO) is up nearly 2.5 percent. The company is reportedly in talks to buy UK-based safety and survival equipment maker Survitec Group Ltd. from private equity firm Warburg Pincus LLC for about 450 million pounds or $704 million.

CCL Industries Inc. (CCL.A.TO) has acquired Druckerei Nilles GmbH and its related subsidiaries for an enterprise value of C$17.3 milion. The stock is up 0.7 percent.

In commodities, crude oil futures for January are up $1.00 or 1.50 percent at $67.88 a barrel, after data from the U.S. Energy Information Administration shosed crude stockpiles to have unexpectedly declined by 3.7 million barrels last week.

Natural gas for January is down $0.078 or 2.02 percent at $3.796 per million btu.

Gold futures for February are are up $13.40 or 1.12 percent at $1,212.80 an ounce.

Silver for March is up $0.067 or 0.41 percent at $16.523 an ounce. Meanwhile, copper is down $0.022 or 0.77 percent at $2.869 per pound.

Data from the U.S. payroll processor ADP that showed a notable increase of 208,000 jobs in private sector employment in November. However, that was less than economists' forecast for an increase of 225,000 jobs.

According to a report from the Institute for Supply Management, U.S. service sector activity accelerated by much more than anticipated in the month of November. The ISM's non-manufacturing index jumped to 59.3 in November, rising from 57.1 in the preceding month.

A report from the U.S. Labor Department showed labor productivity to have increased by an upwardly revised 2.3 percent in the third quarter, compared to the previously reported 2.0 percent growth.