TSX Ends Higher Ahead Of Year Closing -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher Monday, on the back of some recent upbeat economic growth recorded by Canada and the U.S., with financial and gold stocks making gains even as energy shares dipped with crude prices continuing to decline.

Investors also reacted to news about some fresh stimulus measures by the Chinese central bank and the Japanese government's nod to a $29 billion stimulus package. Earlier in the day, crude oil prices rallied amid escalating tensions in Libya that triggered some buying in the energy space.

Nevertheless, the uptick was capped with worries over Greece, as the nation was once again pushed into a political crisis after its parliament failed to elect presidential candidate, Stavros Dimas. Prime Minister Antonis Samaras' candidate, Dimas - a former European Commissioner and the only candidate in the fray, was rejected by a vote of 162 in favor and 132 against, but short of the required 180 votes in the 300 member house.

This could mean a snap general election early in 2015 for the economically beleaguered country, which analysts tip in favor of the leftist Syriza party opposed to the austerity measures suggested by the European Union and the International Monetary Fund.

The benchmark S&P/TSX Composite Index closed Monday at 14,663.92, up 54.67 points or 0.37 percent. The index scaled an intraday high of 14,738.57 and a low of 14,628.89.

On Wednesday, the index closed at 14,607.31, up 13.28 points or 0.09 percent, as rising gold stocks more than offset declining energy shares with crude prices continuing to drop. The main index gained about one percent last week.

Crude oil ended lower with investors brushing aside speculations of supply disruption from Libya offsetting the global supply glut, after reports of a fire at oil-storage terminals.

The Energy Index dipped 0.28 percent, with U.S. crude oil futures for February delivery dropping $1.12 or 2.0 percent to close at $53.61 a barrel on the Nymex Monday.

Among energy stocks, Canadian Natural Resources Limited (CNQ.TO) dropped 0.88 percent, Suncor Energy Inc. (SU.TO) inched up 0.24 percent, and Canadian Oil Sands Limited (COS.TO) shed 0.65 percent.

Pacific Rubiales Energy Corp. (PRE.TO) dropped 1.06 percent, Encana Corp. (ECA.TO) gained 1.76 percent, Crescent Point Energy Corp. (CPG.TO) surrendered 0.96 percent, and Cenovus Energy Inc. (CVE.TO) gathered 1.46 percent.

Gold futures ended lower with the dollar trending higher against a select band of currencies with little or no economic releases for cues, even as investors remained upbeat over the U.S. economy.

The Global Gold Index gained 0.41 percent, although gold for February delivery dived $13.40 or about 1.1 percent to settle at $1,181.90 an ounce on the New York Mercantile Exchange Monday.

Among gold stocks, Kinross Gold Corp. (K.TO) dropped 0.64 percent, Agnico Eagle Mines Limited (AEM.TO) moved up 0.69 percent, Goldcorp Inc. (G.TO) added 0.49 percent, Eldorado Gold Corp. (ELD.TO) fell 1.58 percent, Barrick Gold Corp. (ABX.TO) gained 1.33 percent, and Franco-Nevada Corp. (FNV.TO) slipped 0.18 percent.

The Capped Materials Index moved up 0.23 percent, mostly on rising gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) up 0.24 percent.

The heavyweight Financial Index gained 0.54 percent, as National Bank of Canada (NA.TO) added 0.91 percent, Toronto-Dominion Bank (TD.TO) advanced 0.60 percent, and Bank of Nova Scotia (BNS.TO) gathered 1.01 percent.

Royal Bank of Canada (RY.TO) added 0.64 percent, while Bank of Montreal (BMO.TO) gained 0.78 percent. Canadian Imperial Bank of Commerce (CM.TO) moved up 0.23 percent.

The Healthcare Index added 0.26 percent, as Valeant Pharmaceuticals International, Inc. (VRX.TO) gained 1.10 percent.

The Diversified Metals & Mining Index added 0.56 percent, as Teck Resources Limited (TCK.B.TO) gained 2.32 percent, First Quantum Minerals Ltd. (FM.TO) dropped 1.05 percent, and Finning International Inc. (FTT.TO) moved up 0.99 percent. Lundin Mining Corp. (LUN.TO) dropped 0.87 percent.

The Capped Industrials Index gained 0.56 percent, with Bombardier Inc. (BBD.B.TO) 1.51 percent after announcing the receipt of an order for 42 double-deck regional trains to be used in the Parisian suburban transportation network.

The Information Technology Index jumped 1.03 percent, with BlackBerry Ltd. (BB.TO) up 2.10 percent.

Constellation Software Inc. (CSU.TO) gained 2.52 percent, Sierra Wireless, Inc. (SW.TO) added 2.40 percent, and Descartes Systems Group Inc. (DSG.TO) moving up 0.46 percent.

The Capped Telecommunication Index gained 0.19 percent with BCE Inc. (BCE.TO) adding 0.51 percent.

Rogers Communications Inc. (RCI.A.TO) dropped 0.46 percent, even as the company reached an agreement with BCE to jointly own wireless retailer Glentel Inc.'s (GLN.TO) Canadian retail distribution outlets on completion of BCE's pending acquisition of Glentel. BCE had earlier said it will divest 50 percent of its ownership stake in Glentel to Rogers Communications, following the closing of its acquisition of Glentel. Glentel surged 9.18 percent.

Northern Dynasty Minerals Ltd. (NDM.TO) plummeted 13.21 percent after indicating it is likely to raise nearly C$15.5 million by placing around 36 million Special Warrants with certain accredited investors and management of the company.

In economic news, Switzerland's consumption indicator dropped slightly in November as fewer car sales weighed on spending, data from UBS showed Monday. The Swiss consumption index dropped to 1.29 in November from 1.32 in October. Although weak car sales were a drag on consumption, Christmas retail business has apparently made a good start.

Among data due this week are the consumer confidence index for December from the Conference Board, the weekly jobless claims, the National Association of Realtors' pending home sales index for November and the results of the Institute for Supply Management's national and MNI Indicators' regional manufacturing surveys.

The S&P Case-Shiller house price index for October, Markit's final U.S. manufacturing index for December and the Commerce Department's construction spending data for November will also be out during the course of the week.