The Toronto stock market was slightly higher on the last trading day of 2012 with support from the resource sector in the wake of Chinese data that showed manufacturing growth in December at its strongest in 18 months.
The S&P/TSX composite index notched higher by 30.66 points to reach noon at 12,346.78
The Canadian dollar gained 0.16 cents to 100.52 cents U.S.
Still, the TSX is heading for a 2012 gain of only about 3%, reflecting a slowing Chinese economy during much of the year and worries about how much of a hit the U.S. economy would take from steps to cut the huge American deficit.
The resource-based TSX has also been pressured by the ongoing government debt crisis in Europe, which has sent much of the 17-nation euro-zone into recession.
The base metals sector rose as Turquoise Hill Resources gained nine cents to $7.35 while First Quantum Minerals advanced 26 cents to $21.46.
Gold stocks also headed higher as Goldcorp Inc. climbed 40 cents to $35.85 while Iamgold was ahead 18 cents to $11.16.
However, the energy sector was down slightly while oil prices slipped with the February contract on the New York Mercantile Exchange down 27 cents to US$90.53 a barrel.
Telecoms were the leading decliner with Telus Corp. down 68 cents to $64.76.
On the corporate front, CIBC has agreed to pay $149.5 million U.S. to settle a claim with the Lehman Estate, which was set up after the collapse of a onetime Wall Street giant. The claims were filed against CIBC and numerous other financial institutions in September 2010, two years after the venerable investment bank Lehman Bros. went bankrupt.
The estate claimed CIBC was obliged honour a commitment made under an agreements before the September, 2008 collapse of the investment bank. CIBC shares slipped 59 cents to $79.96.
Bombardier Inc. says it has an order to supply Germany’s Abellio Rail with 35 of its Talent 2 trains in a deal valued at $226 million U.S.
Bombardier announced in a release Monday that it will supply 20 three-car and 15 five-car trains, with the vehicles due to enter service in December 2015. Bombardier shares were off one cent to $3.72.
ON BAYSTREET
The TSX Venture Exchange added 4.22 points to 1,206.06.
All but three of the 14 Toronto subgroups were higher midday. Metals and mining led the parade, up 1.8%, while global base metals surged 1.3% and materials soared 1.2%.
The three laggards were telecoms, off 0.5%, health-care stocks, down 0.3%, and financials, sagging 0.2%.
ON WALLSTREET
U.S. stocks held steady Monday as investors continue to dial back expectations that officials in Washington will work out a fiscal deal before midnight.
The Dow Jones Industrial Average inched up 0.05 points to 12,938.20
The S&P 500 moved up 3.53 points to 1,405.96. The Nasdaq Composite gained 19.54 points to 2,979.86, with shares of Apple rising 3%.
Despite all the uncertainty, stocks have overall had a pretty good year, with all three indexes up between 6% and 14%. By comparison, stocks ended 2011 almost exactly where prices were at the start of the year, although there was a lot of up and down in between.
On the last day of 2012, there is little news to distract investors from the fiscal cliff talks. There are no economic reports on tap, and not much in the way of company news.
An exception was a $665-million U.S. deal announced late Sunday to buy investment banking firm Duff & Phelps by a joint venture led by the Carlyle Group. The offer price represented a 19% premium over Duff & Phelps' stock close Friday.
Prices on the 10-year U.S. Treasury note fell, boosting yields to 1.73%. Treasury prices and yields move in opposite directions.
Oil prices regained 43 cents to $91.23 U.S. a barrel.
Gold prices hiked $6.80 to $1,662.70 U.S. an ounce.
