The Toronto stock market registered a minor advance Thursday as investors bought up stocks in the beaten down gold sector.
The S&P/TSX composite index improved 12.29 points to end Wednesday at 13,362.06
The Canadian dollar handed back 0.48 cents to 94.39 cents U.S.
The slide in the dollar came amid a report that suggests the Canadian economy will improve over the next two years. The Conference Board of Canada expects gross domestic product to grow just 1.8% this year but for momentum to pick up in 2014 and 2015.
The TSX gold sector led advances, up one per cent as traders bought into a segment that is down almost 50% year to date as gold prices have also fallen. This, amid speculation that the U.S. Federal Reserve is set to taper its monthly $85 billion U.S. of bond purchases, which have kept rates low and supported a stock market rally.
Among gold plays, Iamgold was up nine cents at $4.41.
The telecom sector was ahead as Rogers Communications was up 96 cents to $47.19 a day after reaching a 12-year, $5.2-billion agreement with the National Hockey League that gives the company the league's broadcast and multimedia rights.
Gains in railway stocks also lifted the TSX as Canadian Pacific Railway ran up $1.56 to $161.18.
Financials were also positive with Manulife Financial ahead 18 cents to $20.36.
The base metal sector was down as March copper dropped three cents to $3.19 U.S. a pound. Teck Resources dropped 28 cents to $25.24.
The energy sector lost ground as Canadian Oil Sands fell 32 cents to $19.81.
The interest rate sensitive utilities sector lost strength with TransAlta Corp. down 65 cents to $14.02.
On the corporate front, Descartes Systems Group, which operates a global logistics system used by freight carriers, said it expects revenue for its fiscal third quarter will be in a range of $38.5 million U.S. to $38.8 million U.S. versus expectations of $38.43 million U.S.
That would be up from $32.7 million U.S. a year earlier.
Descartes shares surrendered 23 cents to $14.42.
ON BAYSTREET
The TSX Venture Exchange inched ahead 0.93 points to 929.53
All but four of the 14 TSX subgroups were positive on the day, following gold’s lead, up 1.2%, while health-care and materials each proved 0.8% stronger.
The four laggards were weighed by utilities, down 1.2%, while metals and mining stocks dipped 0.8%, and energy stocks sank 0.3%.
ON WALLSTREET
U.S. investors are heading into the Thanksgiving holiday in a cheery mood as stocks continued to extend this year's record-breaking run.
The Dow Jones Industrials climbed 24.53 points to a new all-time high close of 16,097.30
The S&P 500 index gained 4.48 points to 1,807.23. The NASDAQ added 27 points to 4,044.75, its highest level since September 2000
November has been another solid month in what's been a stellar year for stocks. The Dow has advanced 3.5% while the S&P 500 and NASDAQ have increased 3%.
All three indexes have surpassed key milestones. The Dow is above 16,000, the S&P 500 is trading above 1,800 and the NASDAQ closed above 4,000 for the first time in 13 years Tuesday.
On the corporate front, Hewlett-Packard shares surged after the PC and printer maker reported quarterly earnings and sales that beat expectations.
Shares of US Airways were up slightly while American Airlines rose about 2% after a bankruptcy judge approved a settlement with the federal government that will allow the two airlines to merge.
Meanwhile, J.C. Penney shares surged more than 7% to top $10 U.S. a piece for the first time in two months. The stock has rallied more than 60% from lows earlier this year and there are growing hopes that the struggling retailer may start to turn things around during the holiday shopping season. Shares of J.C. Penney are still down nearly 50% this year, though.
Year-to-date, these indexes have climbed between 20% and 35% so far thanks to a slowly recovering economy, solid corporate earnings and bond purchases by the Federal Reserve.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
In economic news, claims for first-time unemployment benefits fell more than expected last week. Orders for durable goods fell in October, but the decline was more modest than forecasts.
A key gauge of the manufacturing sector in the U.S. Midwest showed slower expansion. The Chicago purchasing managers index dropped to a higher than expected 63 in November from 65.9 in October.
Meanwhile, the U.S. Conference Board said its leading economic indicator rose 0.2% in October. That data gives an indication on where the American economy is heading over the next six months.
And the University of Michigan released its latest reading on U.S. consumer sentiment. It rose to 75.1 in November from 73.2 in October, better than the 73 reading that had been expected.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.74% from Tuesday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.35 cents to $92.33 U.S. a barrel.
Gold prices sank four dollars to $1,237.40 U.S. an ounce.
