TSX Pushes Above 15,000 As Energy Stocks Rebound -- Canadian Commentary

(RTTNews) - Canadian stocks are higher for a fifth day in a row Thursday, as strong gains in the energy sector pushed Toronto's benchmark index to a 7-week high above 15,000.

Traders shrugged off news that Private sector growth in the eurozone slowed unexpectedly to a 16-month low in November, as new orders dropped for the first time since July 2013.

Markets were cheered a bit by upbeat U.S. economic data.

The National Association of Realtors released a report showing an unexpected increase in U.S. existing home sales in the month of October.

NAR said existing home sales climbed 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October from an upwardly revised 5.18 million in September. Economists had expected existing home sales to edge down to 5.15 million.

Additionally, the Philadelphia Federal Reserve said its regional manufacturing index jumped to a twenty-year high in November.

The benchmark S&P/TSX Composite Index rose 65 points to 15,045.23, with gold stocks contributing to today's advance.

IAMGold added 4.4 percent and Kinross was up 1.5 percent.

Energy stocks broke out of a recent slump, jumping 2 percent as U.S. crude oil rose back above $75 a a barrel.

Pipeline operator TransCanada (TRP.TO) said it plans to spend $46 billion through 2020 to connect shale and oil sands in Western Canada with markets. Shares are flat.

Tim Hortons (THI.TO) announced coffee and breakfast sandwich prices are set to rise next week. Shares rose 0.2 percent.

Brookfield Asset Management (BAM.A.TO) said on Wednesday it would not but Revel Casino Hotel in Atlantic City, New Jersey. The stock was down fractionally.

Blackberry (BB.TO) shares are up 0.2 percent a day after falling sharply on downgrade from Morgan Stanley.

Dominion Diamond Corp. (DDC, DDC.TO) announced that Robert Gannicott, Chairman and Chief Executive Officer, will take a medical leave of absence until Feruary. Shares rose 0.5 percent.

GM Canada has named Stephen Carlisle as new president. Carlisle, who had been vice-president of global product planning and program management of General Motors Co., will replace Kevin Williams.