Energy Stocks Help TSX End Higher For Fourth Day - Canadian Commentary

(RTTNews) - The Toronto stock market's benchmark index closed higher for a fourth straight session on Friday, as energy stock gained after crude oil prices rose following upbeat manufacturing data out of China.

In economic news from the U.S., the Institute of Supply Management said its purchasing managers index registered 57.3%, an increase of 0.9 percentage point from October's reading of 56.4%. It was the highest reading since November 2011. Economists forecast a fall to 55.0. A reading above 50 indicates expansion.

Separately, a report from the US Commerce Department revealed that construction spending for October was at a seasonally adjusted annual rate of $908.4 billion, 0.8 percent above the September estimate of $901.2 billion. Markets were anticipating a 0.5% increase.

Traders were cautious ahead of a raft of key economic reports later this week, including U.S. manufacturing numbers and the U.S. jobs report.

The S&P/TSX composite index closed 24.17 points, or 0.18%, higher at 13,419.57, with intraday low of 13,389.47 and high of 13,459.04. Nine of the 10 main sectors on the index were higher.

Crude for January delivery rose $1.10 to $93.82 a barrel on the New York Mercantile Exchange, as traders speculate demand pick up after China reported upbeat manufacturing data over the weekend.

China's manufacturing activity expanded at a steady pace in November led by increased production, a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed Sunday. The headline purchasing managers index recorded a reading of 51.4 in November, unchanged from October's 18-month high.

Among the energy stocks, Surge Energy (SGY.TO) and Suncor Energy (SU.TO) rose 1.4% each.

Talisman Energy (TLM.TO) surged 4.5% after the company said it will appoint two board members nominated by activist investor Carl Icahn as part of an agreement with its second biggest shareholder.

Commercial Solutions Inc. (CSA.TO) jumped 40.5% after the company said that it has entered into an arrangement agreement with Motion Industries (Canada), Inc. , an indirect wholly-owned subsidiary of Motion Industries, Inc. and Genuine Parts Company, pursuant to which Motion Canada agreed to acquire all of the issued and outstanding common shares of the company. Commercial's shareholders will receive C$1.07 in cash per share upon completion of the deal.

Shares of gold miners tumbled after the bullion price fell. Gold for December declined $28.30 to $1222.30 an ounce. Agnico-Eagle Mines (AEM.TO) lost 6%, while Barrick Gold (ABX.TO) slipped 6.1% and Goldcorp. (G.TO) fell 3.9%.

In the U.S., the Dow Jones Industrial Average dropped 77.70 points, or 0.5% to 16,008.71. The S&P 500 index dropped 4.91 points, or 0.3%, to 1,800.90, while the Nasdaq Composite lost 14.63 points, or 0.4%, to 4,045.26.