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Canadian stocks higher on GDP data ahead of long weekend

Xinhua, July 1, 2016 Adjust font size:

Canada's main stock market in Toronto inched higher Thursday as positive growth data in April offset a fall in crude prices before the market closed for Canada Day long weekend.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 27.80 point, or 0.20 percent, to close at 14,064.54 points. Six of the TSX index's eight main sub-sectors were higher.

Oil prices dropped more than 3 percent on Thursday, pressured by returning Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years.

U.S. WTI light sweet crude for August delivery lost 1.55 U.S. dollars to settle at 48.33 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 0.93 U.S. dollars to close at 49.68 U.S. dollars a barrel on the London ICE Futures Exchange.

According to data released by Statistics Canada on Thursday, real gross domestic product edged up 0.1 percent in April after decreasing in February and March. Widespread gains, notably in manufacturing, utilities and the public sector, were largely offset by a significant decline in non-conventional oil extraction.

However, TSX energy and mining sectors managed to close higher 0.10 percent and 1.26 percent respectively, as data shows mining, quarrying, and oil and gas extraction fell for a third consecutive month in April, declining 1.4 percent.

The Canadian economy grew just 0.1 percent in April from March, but it received a big boost from the country's hot housing market.

Real estate activity was the biggest year-over-year contributor to growth, accounting for nearly one-third of Canada's annual GDP growth of 1.5 percent.

Statistics Canada also reported the Industrial Product Price Index increased 1.1 percent in May, mainly due to higher prices for energy and petroleum products.

The Raw Materials Price Index rose 6.7 percent, led by a gain in prices for crude energy products.

Markets will be closed in Canada on Friday, July 1, for Canada Day.

The Canadian dollar traded higher at 0.7742 U.S. dollar, compared with Tuesday's closing rate of 0.7707 U.S. dollar. Endit