TSX Ends Higher On Global Cues - Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a second straight session Friday, tracking rising U.S. equity markets on strong commodity prices with some mixed economic data out of the U.S. Investors were also buoyed by the upbeat Chinese manufacturing data reported yesterday, indicative of significant recovery in the world's second largest economy..

The S&P/TSX Composite Index closed Friday at 13,400.39, up 75.64 points or 0.57 percent. The index touched an intraday high of 13,402.43 and a low of 13,315.76.

The Diversified Metals & Mining Index added 0.14 percent, with First Quantum Minerals Ltd. (FM.TO) up 0.73 percent, Osisko Mining Corp. (OSK.TO) up 1.92 percent, and Lundin Mining Corp. (LUN.TO) dropping 0.41 percent. Teck Resources (TCK_B.TO) shed 0.88 percent.

The Capped Materials Index added 0.62 percent mostly on gold stocks, although Potash Corporation of Saskatchewan Inc.(POT.TO) gained 0.62 percent.

Gold futures pared losses to end higher on Friday, after some soft data out of the U.S. showed consumer sentiment in the country to have deteriorated more than previously estimated.

The Global Gold Index gained 1.02 percent, with gold futures for December delivery, the most actively traded contract, gaining $$2.20 or 0.2 percent to close at $1,352.50 an ounce Friday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) gained 0.94 percent, while Barrick Gold Corp. (ABX.TO) added 0.57 percent. Kinross Gold Corp. (K.TO) gained 1.49 percent, while Eldorado Gold Corp. (ELD.TO) added 1.11 percent.

Crude oil settled higher for a second straight day, mostly on bargain hunting with reports Saudi Arabia is cutting down oil shipments in response to increased supplies and on hopes of demand growth after China's upbeat manufacturing data.

The Energy Index added 1.00 percent, with U.S. crude oil futures for December delivery, the most actively traded contract, gaining $0.74 or 0.8 percent to close at $97.85 a barrel Friday on the Nymex.

Among energy stocks, Suncor Energy Inc.(SU.TO) added 1.59 percent, while Enbridge Inc.(ENB.TO) shed 0.11 percent. Imperial Oil Limited (IMO.TO) gained 0.81 percent, while Talisman Energy Inc. (TLM.TO) added 1.10 percent. Canadian Natural Resources Limited (CNQ.TO) gained 0.79 percent, while Encana Corp. (ECA.TO) advanced 0.63 percent.

The Financial Index moved up 0.43 percent with Bank of Montreal (BMO.TO) up 0.65 percent, while Manulife Financial Corp. (MFC.TO) added 0.06 percent. The Bank of Nova Scotia (BNS.TO) gained 0.47 percent, while Toronto-Dominion Bank (TD.TO) improved 0.57 percent. National Bank of Canada (NA.TO) gained 0.30 percent, while Royal Bank of Canada (RY.TO) gathered 0.13 percent.

The Information Technology Index shed 0.15 percent, with smartphone maker BlackBerry Limited (BB.TO) edging up 0.12 percent.

The Capped Industrials Index gained 0.43 percent, with Air Canada (AC.B.TO) adding 0.76 percent and Bombardier Inc. (BBD.A.TO, BBD.B.TO) moving up 0.37 percent.

In economic news from the U.S., the Commerce Department said durable goods orders jumped 3.7 percent in September after inching up by a revised 0.2 percent in August. Economists had expected orders to increase by about 2.5 percent compared to the 0.1 percent uptick originally reported for the previous month. However, excluding the surge in orders for transportation equipment, durable goods orders edged down by 0.1 percent in September compared to a 0.4 percent drop in August.

Separately, the U.S. Commerce Department said wholesale inventories increased slightly more than expected in August. Wholesales inventories rose by 0.5 percent in August following an upwardly revised 0.2 percent increase in July. Economists expected wholesale inventories to increase by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.

Meanwhile, consumer sentiment in the U.S. deteriorated more than previously estimated in October, a report from Thomson Reuters and the University of Michigan showed Friday. The consumer sentiment index for October was downwardly revised to 73.2 from a preliminary reading of 75.2. With the downward revision, the index is well below September's final reading of 77.5 and at its lowest level since December of 2012.

From the eurozone, German business sentiment unexpectedly weakened in October, reports citing survey results from the Ifo Institute said. The business climate indicator dropped to 107.4 in October from 107.7 in September while economists had forecast an increase to 108.

Elsewhere, the U.K. economy expanded at the fastest rate since the second quarter of 2010, preliminary data from the Office for National Statistics showed. Gross domestic product grew 0.8 percent sequentially in the third quarter, slightly faster than the 0.7 percent expansion logged in the preceding three months. The rate matched economists' expectations.