Markets in Toronto began the day and week higher as slightly better-than-expected economic data from China raised hopes of a recovery in the world's second largest economy.
The S&P/TSX composite index began Monday by taking on 44.76 points to 13,932.97
The Canadian dollar eked up 0.08 cents, to 91.29 cents U.S.
A coalition of environmental groups on Friday launched a legal challenge to the preliminary approval last month for the Enbridge’s $7.9-billion Northern Gateway pipeline project, filing suit to prevent Canada's government from using the approval in its final decision on the line. Enbridge shares added 16 cents to $47.00
CIBC raised the price target on AGF Management Ltd. to $13.50 from $12.50 on valuation, saying earnings growth to take a backseat to strategic execution. AGF shares gained four cents to $13.22.
CIBC also raised the price target on Total Energy Services to $21 from $19.50 after the company announced a preliminary 2014 capital program of $54 million, expecting it to increase its budget as the year wears on. Total shares tacked on eight cents to $20.33.
The charge northward on stock markets was led by information technology issues, most notably BlackBerry, shooting up $1.21, or 12.1%, to $11.19. Open Text Corporation added $1.25, or 1.3%, to $100.39.
Economically speaking, China's economy narrowly missed expectations for growth to hit 14-year lows in 2013, though some economists say a cooldown will be inevitable this year as officials and investors hunker down for difficult reforms.
Back home, it is a busy week on the Canadian economic calendar with manufacturing shipments for November out Tuesday, November retail sales on Thursday and the December reading on inflation on Friday.
ON BAYSTREET
The TSX Venture Exchange strengthened 5.30 points to 981.64.
All but two of the 14 Toronto subgroups charged out of the gate Monday morning, led by information technology, up 2.4%, gold, ahead 0.8%, and materials, 0.7% to the good.
Only consumer discretionary stocks faded 0.1%, while energy stocks were flat at the open.
ON WALLSTREET
Markets are closed for Martin Luther King Day
Oil prices moved lower by seven cents to $93.70 U.S. a barrel
Gold prices advanced $4.40 to $1,256.30 U.S. an ounce.
