TSX Ends Higher On Global Cues - Canadian Commentary

(RTTNews) - Canadian stocks ended higher Monday, tracking rising global equity markets with commodities steady after China's non-manufacturing sector expanded at a faster pace in October. European stocks trended higher as investors remained hopeful of cut in interest rates at the European Central Bank's monetary policy meet scheduled for Thursday.

China's non-manufacturing sector expanded at a faster pace in October, a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed Sunday. The official purchasing managers' index for the service sector moved up to 56.3 in October from 55.4 in September.

The S&P/TSX Composite Index closed Monday at 13,361.78, up 24.32 points or 0.18 percent. The index touched an intraday high of 13,374.02 and a low of 13,309.63.

The Information Technology Index shed 2.30 percent, with smartphone maker BlackBerry Limited (BB.TO) plummeting 16.56 percent after shelving plans to sell the company and replacing Chief Executive Thorsten Heins with John Chen as interim CEO. Meanwhile, Fairfax Financial Holdings Ltd., holding a 10 percent stake in Blackberry, backed off from its bid to buy the company and has instead agreed to to invest about $1 billion along with other institutional investors.

The Diversified Metals & Mining Index gained 1.17 percent, with First Quantum Minerals Ltd. (FM.TO) down 0.56 percent, Osisko Mining Corp. (OSK.TO) up 2.55 percent, and Lundin Mining Corp. (LUN.TO) up 3.69 percent. Teck Resources (TCK_B.TO) gained 1.31 percent.

The Capped Materials Index gathered 2.30 percent mostly on gold stocks, with Potash Corporation of Saskatchewan Inc.(POT.TO) jumping 3.32 percent.

The Global Gold Index gained 3.14 percent, although gold futures for December delivery, the most actively traded contract, edged up $1.50 to close at $1,314.70 an ounce Monday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) jumped 5.26 percent, while Goldcorp Inc. (G.TO) added 2.96 percent. Kinross Gold Corp. (K.TO) surged 4.80 percent, while Eldorado Gold Corp. (ELD.TO) gained 3.65 percent. B2Gold Corp. (BTO.TO) gathered 2.82 percent, while Barrick Gold Corp. (ABX.TO) added 1.92 percent.

Oil prices settled a tad higher Monday, under pressure from rising inventories with the dollar trending lower against a basket of major currencies as investors opted for some bargain hunting.

The Energy Index dipped 0.04 percent, with U.S. crude oil futures for December delivery, the most actively traded contract, inching up $0.01 to close at $94.62 a barrel Monday on the Nymex.

Among energy stocks, Imperial Oil Limited (IMO.TO) shed 0.64 percent, while Enbridge Inc. (ENB.TO) gathered 0.33 percent. Canadian Natural Resources Limited (CNQ.TO) dropped 0.03 percent, while Encana Corp. (ECA.TO) edged up 0.05 percent. Oil refiner Suncor Energy (SU.TO) edged down 0.46 percent.

Pacific Rubiales Energy (PRE.TO) gained 3.59 percent after indicating the receipt of environmental licenses from the Colombian environmental authority to advance its planned exploration and development activities in both the CPE-6 and Guama E&P blocks, in Colombia.

The Financial Index slipped 0.19 percent with Bank of Montreal (BMO.TO) down 0.21 percent, while Manulife Financial Corp. (MFC.TO) dropped 0.16 percent. The Bank of Nova Scotia (BNS.TO) slipped 0.50 percent, while Toronto-Dominion Bank (TD.TO) dropped 0.22 percent. National Bank of Canada (NA.TO) rose 0.34 percent, while Royal Bank of Canada (RY.TO) shed 0.14 percent.

The Capped Industrials Index edged up 0.01 percent, with Air Canada (AC.B.TO) gaining0.51 percent, while Bombardier Inc. (BBD.A.TO, BBD.B.TO) slipped 0.87 percent.

In economic news from the U.S., the Commerce Department said factory orders jumped by 1.7 percent in September after edging down by 0.1 percent in August. While the increase in orders in September matched economist estimates, orders had been expected to rise by 0.3 percent in the previous month.

Meanwhile, Institute for Supply Management-New York's current business conditions index for the New York City region improved in October to 59.3 from 53.6 in September. The index was at 60.5 in August. A reading above 50 indicates expanding activity.

From the eurozone, Germany's manufacturing sector grew at a faster-than-expected rate during October, led by growth in production and new orders, survey data released by Markit Economics showed .The final Markit/BME Germany Manufacturing Purchasing Managers' Index rose to 51.7 from September's 51.1. The flash estimate was 51.5.

Meanwhile, the eurozone manufacturing sector carried its modest third quarter recovery into the final quarter of the year as initially estimated, final data from Markit Economics showed. The manufacturing Purchasing Managers' Index rose to 51.3, in line with flash estimate from 51.1 in September.

Elsewhere, the U.K. construction output grew at the steepest pace since September 2007, survey results from Markit Economics showed. The Markit/Chartered Institute of Purchasing & Supply construction Purchasing Managers' Index came in at 59.4 in October, up from 58.9 in September and above the 50.0 no-change threshold for the sixth consecutive month.