TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks rallied to end higher for an eighth straight session Thursday, tracking rising U.S. and European equity markets, driven by financial, energy, and gold stocks notwithstanding some weak retail sales and first-time unemployment benefit claims data from the U.S. Investors also continued to mull over the U.S. Fed's assurance of continued accommodative monetary policy until the jobs situation improves.

In some disappointing economic news, U.S. retail sales in January dropped unexpectedly with auto sales showing another notable decrease, a Commerce Department report indicated Thursday. Meanwhile, business inventories in the U.S. rose slightly more than expected in December, according to a Commerce Department report on Thursday.

The S&P/TSX Composite Index closed Thursday at 14,001.65, up 101.16 points or 0.79 percent. The index scaled an intraday high of 14,001.65 and a low of 13,839.00.

Gold futures moved up for a seventh straight day as the dollar weakened on some disappointing economic data from the U.S.

The Global Gold Index gained 3.88 percent, with gold futures for April delivery, the most actively traded contract, adding $5.10 or 0.4 percent to close at $1,300.10 an ounce Thursday on the Nymex.

Among gold stocks, Detour Gold Corp. (DGC.TO) gained 5.29 percent, while Kinross Gold Corp. (K.TO) slipped 0.18 percent, while Yamana Gold Inc. (YRI.TO) added 3.29 percent.

Barrick Gold Corp. (ABX.TO) surged 6.10 percent after reporting a fourth-quarter profit that came in line with expectations.

The Capped Materials Index added 1.57 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) dropping 1.16 percent.

The Energy Index gained 0.70 percent, with U.S. crude oil futures for March delivery, the most actively traded contract, edging down $0.02 to close at $100.35 a barrel Thursday on the Nymex.

Among energy stocks, Canadian Natural Resources Limited (CNQ.TO) moved up 0.70 percent, while Talisman Energy Inc. (TLM.TO, TLM) slipped 1.09 percent. Athabasca Oil Corporation (ATH.TO) added 0.50 percent, while Suncor Energy Inc. (SU.TO) added 1.77 percent.

Encana Corp. (ECA.TO, ECA) gained 1.17 percent after reporting a fourth-quarter net loss of $251 million, with adjusted earnings topping estimates.

The heavyweight Financial Index gathered 0.77 percent with Royal Bank of Canada (RY.TO) up 0.92 percent and the Bank of Nova Scotia (BNS.TO) up 1.35 percent. Bank of Montreal (BMO.TO) added 0.79 percent, and Toronto-Dominion Bank (TD.TO) gained 0.57 percent.

Manulife Financial Corp. (MFC.TO) dropped 0.05 percent, with the insurer reporting earnings of C$0.35 per share, up from C$0.28 per share last year. Analysts polled by Thomson Reuters expected earnings of C$0.38 per share for the quarter.

The Diversified Metals & Mining Index dropped 2.11 percent, with Lundin Mining Corp. (LUN.TO) down 0.19 percent, and First Quantum Minerals (FM.TO) up 0.29 percent.

Teck Resources Limited (TCK.B.TO) plunged 6.68 percent, after reporting a fourth-quarter profit of C$232 million or C$0.40 per share, up from C$200 million or C$0.34 per share in the same period last year.

The Information Technology Index moved up 0.29 percent, with BlackBerry Limited (BB.TO) shedding 4.21 percent. The smartphone maker said a new version of its instant-messaging tool, BBM, will be available later Thursday for Android, iPhone and BlackBerry customers.

The Capped Industrials Index dipped 0.19 percent, with Bombardier Inc. (BBD.B.TO) plunging 8.91 percent with the transportation systems maker reporting net income excluding items of 7 cents per share in the latest quarter, below the 11 cents per share expected by analysts.

In economic news, U.S. retail sales in January 0.4 percent following a revised 0.1 percent decrease in December. Economists expected sales to come in unchanged compared to the 0.2 percent increase originally reported for the previous month. The unexpected drop in retail sales largely reflects a 2.1 percent decrease in sales by motor vehicle and parts dealers, which fell by 1.8 percent in December.

Business inventories in the U.S. rose 0.5 percent in December following a 0.4 percent increase in November. Economists expected inventories to rise by another 0.4 percent.

A report from the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits unexpectedly showed a modest increase in the week ended February 8th. Initial jobless claims rose to 339,000, an increase of 8,000 from the previous week's unrevised figure of 331,000. Economists expected initial jobless claims to edge down to 330,000.