The Toronto stock market advanced Tuesday amid stronger than expected showings for Canadian retail sales and U.S. economic growth.
The S&P/TSX composite index gained 58.24 points to conclude the day at 15,073.65
The Canadian dollar gained 0.20 cents to 88.84 cents U.S.
The Toronto stock market's benchmark TSX index has been gaining steadily since a slump in October, but has yet to reach the record levels it hit in September.
The TSX energy sector continued to be a drag, ahead of a key meeting Thursday of the OPEC oil cartel. Prices have been hit hard since mid-summer, pressured by a rising greenback that has depressed all commodities priced in U.S. dollars, lower demand and rising crude supplies.
Imperial Oil gave back a penny to $55.08, while Canadian Natural Resources added three cents to $42.06
Other TSX sectors were higher with the gold group leading the pack. Barrick Gold shot up 61 cents, or 4.3%, to $14.83, while Goldcorp spiked $1.12, or 4.9%, to $24.15.
The consumer staples sector was ahead as convenience store operator Alimentation Couche-Tard said its quarterly net income surged 25% to $286.4 million U.S. despite a dip in revenues to $8.9 billion U.S. Profits ex-items were 55 cents per share, a penny below expectations. Its shares ran ahead $1.52, or 4%, to $39.70.
Elsewhere on the commodity markets, the base metals component gained even as December copper fell four cents to an eight-month low of $2.96 U.S. a pound amid doubts that the interest rate cut unveiled by China's central bank last week will be enough to improve conditions to raise demand.
Teck Resources, one of the sector’s mainstays took on 20 cents, or 1.1%, to $19.24.
Economically speaking, Statistics Canada reported this morning that retail sales rose 0.8% in September to $42.8 billion, largely as a result of higher sales at motor vehicle and parts dealers.
The agency says retail sales have been on an upward swing since early this year. Gains were reported in five of 11 sub-sectors, representing 59% of retail trade.
Moreover, the Organization for Economic Co-operation and Development said that inflation will return to the central bank's 2% target on "a sustained basis by late 2015." It also says the Bank of Canada's key rate, currently at 1%, will rise steadily after the May increase.
ON BAYSTREET
The TSX Venture Exchange subsided 6.86 points to 780.64.
All but two of the 14 Toronto subgroups were higher by session’s end, as gold rocketed 4.2%, materials hiked 2.4%, and metals and mining gained 1.9%
The two laggards were energy, down 0.9%, and telecoms, off 0.3%.
ON WALLSTREET
U.S. stocks were somewhat mixed on Tuesday, with the S&P 500 wavering around its peak, as data had the economy growing more than previously forecast in the third quarter, offsetting an unexpected drop in consumer confidence in November.
The Dow Jones Industrials eased off 2.96 points to close at 17,814.94
The S&P 500 slipped 2.38 points at 2,067.03. The NASDAQ index nosed up 3.36 points to 4,758.25.
Apple's market capitalization reached $700 billion U.S., a major milestone for CEO Tim Cook as the consumer technology company's value has doubled during his three years at the helm.
Tiffany & Co. shares rose after the jewelry reported earnings and revenue that missed estimates; Campbell Soup gained after posting an earnings and revenue beat.
The energy sector weighed on the broad market, with oil prices falling to a four-year low two days ahead of an OPEC meeting that has investors considering prospects for the first reduction in production quotas since 2008.
On matters economic, the U.S. Commerce Department reported gross domestic product climbed at a 3.9% annualized rate, up from an initial 3.5% estimate.
November consumer confidence fell to 88.7 from October's revised 94.1. Expectations were for a reading of 96.
Separately, a gauge of home prices in 20 cities climbed at a reduced pace in September
Prices for 10-year U.S. Treasuries were higher, lowering yields to 2.26% from Monday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices plunged $1.86 to $73.92 U.S.
Gold prices acquired $3.60 to $1,199.30 U.S.
