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Roundup: Canadian stock market strengthens on positive GDP data

Xinhua, December 2, 2015 Adjust font size:

Canada's main stock market in Toronto Tuesday posted a solid gain as the positive official gross domestic product (GDP) data boosted the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/ TSX Composite Index rallied 166.23 points, or 1.23 percent to close at 13,636.06 points.

Five of the eight most influential sectors gained with financials up 1.03 percent and energy higher 1.28 percent. The advance eclipsed the losses mainly from health care, which dropped 1.75 percent.

Investors' confidence was boosted when Statistics Canada reported on Tuesday that Canada's real GDP rose 0.6 percent in the third quarter, following two consecutive quarterly declines. And the quarterly growth was driven by increased international demand for Canadian goods and services as exports grew 2.3 percent.

The figure was in line with both market and Bank of Canada's expectations, according to Brian DePratto, an economist from TD Bank.

However, some analysts don't think that the momentum will sustain into the fourth quarter this year.

"A continued shifting of Canadian growth drivers is anticipated, with exports taking a more leading role as the housing market takes a breather and investment continues to face the dual headwinds of low oil prices and a weak loonie (the Canadian currency)," DePratto said.

In companies' performances, the major gainers in TSX were from the financial and the energy sector, when Manulife Financial Corporation soared 2.23 percent to 22.47 Canadian dollars (about 16.81 U.S. dollars) and Toronto-Dominion Bank advanced 1.32 percent to 55.26 Canadian dollars per share.

Canada's biggest oil and gas producer Suncor Energy Inc. rose 2.41 percent to 37.79 Canadian dollars while Canadian Oil Sands Ltd. Spiked up 4.32 percent to 8.93 Canadian dollars apiece.

By contrast, the major downward movers included the Quebec-based bio-pharmaceutical company ProMetic Life Sciences Inc., diving 11.3 percent to 3.14 Canadian dollars, and Canada's biggest railway and aircraft maker Bombardier Inc., dropping 3.85 percent to 1.25 Canadian dollars.

On the currency front, the Canadian dollar Tuesday was slightly lower to 0.7483 U.S. dollar at 4 pm local time, compared with 0.7489 U.S. dollar on Monday. Enditem