TSX Ends Higher On Data, Global Cues - Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a fifth straight session Tuesday, tracking mostly rising global equity markets, led by mining stocks after some better than expected macroeconomic data out of the U.S. All major sub-indices of the main index ended in positive territory.

New orders for U.S. manufactured durable goods rose much more than expected in November, with the increase partly reflecting a rebound in orders for transportation equipment, a Commerce Department report showed Tuesday.

Meanwhile, a Commerce Department report on Tuesday showed new home sales in the U.S. to have dropped in November, although were still better than what analysts anticipated.

The S&P/TSX Composite Index closed Tuesday at 13,517.59, up 69.89 points or 0.52 percent. The index scaled an intraday high of 13,531.41 and a low of 13,447.70.

The Energy Index gained 0.25 percent, with U.S. crude oil futures for February delivery, the most actively traded contract, moving up $0.31 or 0.3 percent to close at $99.22 a barrel Tuesday on the Nymex.

Among energy stocks, Canadian Natural Resources Limited (CNQ.TO) ended flat at $35.23 a share, while Suncor Energy Inc. (SU.TO) added 0.41 percent. Talisman Energy Inc. (TLM.TO) gathered 0.32 percent, while Encana Corp. (ECA.TO) added 0.42 percent.

The Information Technology Index added 0.31 percent, with smartphone maker BlackBerry Limited (BB.TO) jumping 3.38 percent.

The Diversified Metals & Mining Index jumped 2.94 percent, with First Quantum Minerals Ltd. (FM.TO) up 1.88 percent, Lundin Mining Corp. (LUN.TO) up 2.72 percent, and Teck Resources Limited (TCK.B.TO) up 2.48 percent.

The Capped Materials Index gained 2.28 percent, with fertilizer giant Potash Corp. of Saskatchewan Inc. (POT.TO) adding 0.55 percent.

The Global Gold Index surged 3.36 percent, with gold futures for February delivery, the most actively traded contract, gaining $6.30 or 0.5 percent to close at $1,203.30 an ounce Tuesday on the Nymex.

Among gold stocks, Kinross Gold Corp. (K.TO) gained 2.41 percent, while Barrick Gold Corp. (ABX.TO) surged 3.84 percent. Yamana Gold Inc. (YRI.TO) jumped 3.56 percent.

The Financial Index gained 0.37 percent with Bank of Montreal (BMO.TO) up 0.20 percent, Royal Bank of Canada (RY.TO) adding 0.42 percent, the Bank of Nova Scotia (BNS.TO) up 0.41 percent, and Toronto-Dominion Bank (TD.TO) up 0.07 percent.

The Capped Industrials Index added 0.18 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) up 0.65 percent. Bombardier Aerospace, a unit of Bombardier, said Tuesday it has received a firm order for 10 Challenger business jets from an undisclosed customer, which includes five Challenger 300 jets and five Challenger 605 jets. The transaction is valued at about $280 million, based on the 2013 list price for typically equipped aircraft.

In economic news, new orders for U.S. manufactured durable goods rose much more than expected in November, a report from the Commerce Department revealed Tuesday. Durable goods orders in November surged 3.5 percent following a revised 0.7 percent decrease in October. Economists expected orders to increase by about 2.0 percent compared to the 1.6 percent drop reported for the previous month. The increase partly reflects a rebound in orders for transportation equipment, which surged 8.4 percent in November after tumbling 3.5 percent in October.

Meanwhile, another Commerce Department report on Tuesday showed new home sales in November dropped, although sales were still above estimates on an upward revision to the October data. New home sales fell 2.1 percent to a seasonally adjusted annual rate of 464,000 in November from the revised October rate of 474,000. Economists expected sales to climb up to 450,000 from the 444,000 originally reported for the previous month.

From Europe, U.K. mortgage approvals increased significantly in November as housing schemes boosted demand from first-time buyers, data from British Bankers' Association revealed Tuesday. Mortgages approved in November for house purchases increased to 45,044 from 43,315 in October, exceeding the expected level of 44,400.

A leading indicator of eurozone's economic activity increased further in November, signaling improvement in the region's growth prospects. The Conference Board's leading economic index increased 0.5 percent month-on-month to 110.4. This comes after a 0.4 percent increase in October and a 0. 5 percent rise in September.