TSX Ends Higher On Global Cues - Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a fourth straight session Monday, tracking mostly rising global equity markets after the nation's encouraging gross domestic product data with signals from across the border also indicating the world's largest economy on the road to recovery.

From the U.S., the Commerce Department said gross domestic product increased by 4.1 percent in the third quarter compared to the 3.6 percent growth estimated earlier this month. Economists had expected the pace of GDP growth to be unrevised.

The S&P/TSX Composite Index closed Monday at 13,447.70, up 48.10 points or 0.36 percent. The index scaled an intraday high of 13,463.53 and a low of 13,399.92.

The Energy Index gained 0.36 percent, with U.S. crude oil futures for February delivery, the most actively traded contract, shedding $0.41 or 0.4 percent to close at $98.67 a barrel Monday on the Nymex.

Among energy stocks, Canadian Natural Resources Limited (CNQ.TO) dropped 0.20 percent while Suncor Energy Inc. (SU.TO) added 1.24 percent. Talisman Energy Inc. (TLM.TO) gathered 1.80 percent, while Encana Corp. (ECA.TO) added 0.95 percent.

The Information Technology Index added 0.63 percent, although smartphone maker BlackBerry Limited (BB.TO) jumping 3.10 percent.

The Diversified Metals & Mining Index moved up 0.10 percent, with First Quantum Minerals Ltd. (FM.TO) up 0.28 percent, Lundin Mining Corp. (LUN.TO) up 1.38 percent, and Teck Resources Limited (TCK.B.TO) down 0.57 percent.

The Capped Materials Index inched up 0.06 percent, with fertilizer giant Potash Corp. of Saskatchewan Inc. (POT.TO) adding 2.01 percent.

The Global Gold Index fell 0.71 percent, with gold futures for February delivery, the most actively traded contract, dropping $6.70 or 0.6 percent to close at $1,193.60 an ounce Monday on the Nymex.

Among gold stocks, Kinross Gold Corp. (K.TO) slipped 2.77 percent, while Barrick Gold Corp. (ABX.TO) shed 0.67 percent. Yamana Gold Inc. (YRI.TO) surrendered 0.22 percent.

The Financial Index gained 0.43 percent with Bank of Montreal (BMO.TO) up 0.34 percent, Royal Bank of Canada (RY.TO) adding 0.77 percent, the Bank of Nova Scotia (BNS.TO) up 0.79 percent, and Toronto-Dominion Bank (TD.TO) up 0.76 percent.

The Capped Industrials Index added 0.19 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) down 0.65 percent.

In corporate news, Pacific Rubiales Energy Corp. (PRE.TO) gained 0.11 percent after indicating it would sell its 5 percent stake and transportation rights of a Colombian oil pipeline to a group led by private equity unit of Franklin Templeton for US$385 million.

In economic news, a Commerce Department report on Monday showed U.S. personal income rose less than expected in November, creeping up 0.2 percent after edging down 0.1 percent in October. Economists expected personal income to increase by about 0.5 percent.

Meanwhile, the U.S. Commerce Department said personal spending rose 0.5 percent in November after a 0.4 percent increase in October. The increase was in line with estimates.