Canadian stocks rise despite crude decline

Canada's main stock market in Toronto rallied Monday with broad gains pumped by Japan's latest stimulus plan, despite a retreat in crude oil prices.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 98.13 point, or 0.69 percent, to close at 14,357.97 points. Six of the TSX index's eight main sub-sectors were higher.

TSX energy sector was down 0.34 percent after international oil prices fell on Monday amid rising number of U.S. oil rigs and a stronger U.S. dollar.

The West Texas Intermediate for August delivery lost 0.65 U.S. dollars to settle at 44.76 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 0.51 U.S. dollars to close at 46.25 U.S. dollars a barrel on the London ICE Futures Exchange.

TSX financials and mining sectors, up 0.81 percent and 3.40 percent respectively, led a well-founded advance after global markets positively greeted the news of a new round of fiscal stimulus spending announced by the Japanese government.

The strongest sub-sector was in base metals, where First Quantum Minerals leaped 46 cents, or 4.95 percent, to 9.75 Canadian dollars (7.43 U.S. dollars), while Teck Resources gathered 49 cents, or 2.77 percent, to 18.15 Canadian dollars.

Thomson Reuters Corporation said it agreed to sell its intellectual property and science business to private equity firms Toronto-based Onex Corp and Baring Private Equity Asia for 3.55 billion U.S. dollars in cash. Thomson Reuters said on Monday it would use 1 billion U.S. dollars of the net proceeds to buy back shares, pay down debt and invest in its other businesses.

Thomson Reuters shares boosted 2.12 percent to 54.40 Canadian dollars, while Onex shares gained 0.65 percent to 80 Canadian dollars.

The National Energy Board of Canada said it suspended a review of Enbridge's request to extend its permit for the proposed Northern Gateway crude oil pipeline project. Enbridge had filed a request with the Canadian energy regulator in May for a three-year extension of the permit as it sought greater legal and regulatory certainty.

Enbridge Inc. shares progressed 71 cents, or 1.32 percent, to 54.57 Canadian dollars.

Bombardier said it has received Transport Canada certification for the larger model of its CSeries passenger jet and the first CS300 will be delivered in the fourth quarter of this year.

The announcement is the latest sign of momentum for the CSeries program and it comes as the Montreal-based company joins other industry heavyweights at a major international air show in Farnborough, England, southwest of London.

Bombardier shares jumped 5.03 percent to 2.09 Canadian dollars.

On the economic beat, Canadian housing starts rose much more than expected in June from May on booming apartment construction in Ontario as well as a strong performance from British Columbia, data from the national housing agency showed on Monday.

Canadian Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts in this country rose to 218,333 in June, up from a revised 186,709 in May. Economists had forecast 190,000 starts in June.

The Canadian dollar traded lower at 0.7621 U.S. dollar, compared with Friday's closing rate of 0.7669 U.S. dollar. Endit