TSX Ends Higher On Upbeat Data - Canadian Commentary

(RTTNews) - The Toronto stock market's benchmark index closed higher for a second straight session on Monday, as upbeat economic data from the United States and China helped stabilize investor confidence.

A report showed that the Chinese trade surplus rose to its highest level in nearly five years in the month of November. The report from China's General Administration of Customs said the trade surplus widened to $33.8 billion in November from $31.1 billion in October.

Chinese export growth accelerated to 12.7% year-over-year from 5.6% in October, while imports rose 5.3%, slower than the 7.6% growth seen in the previous month.

A separate report from China's National Bureau of Statistics showed that Chinese consumer prices rose less than expected in November amid a slowdown in food price inflation.

The data followed Friday's better than expected non-farm payroll employment numbers released by the U.S. Labor Department.

In economic news from Canada, the Canada Mortgage and Housing Corp. said the seasonally adjusted annualized rate of housing starts was 192,235 units last month, down from 198,161 in October and missing consensus expectations for 195,000.

The S&P/TSX composite index closed 32.06 points, or 0.24%, higher at 13,312.78, with intraday low of 13,280.72 and high of 13,352.03. Five of the 10 main sectors on the index were higher.

Heavily weighted financial stocks were among the gainers. Royal Bank of Canada (RY.TO) rose 1%, while TD Bank (TD.TO) gained 0.9% and Scotiabank (BNS.TO) climbed 0.4%.

Gold for February rose $5.2 to $1,234.2 an ounce following upbeat U.S. and Chinese economic data. Among gold stocks, Royal Gold (RGL.TO) rose 2.3%, while Barrick Gold (ABX.TO) surged 3.9% and Agnico-Eagle Mines (AEM.TO) gained 1.9%.

Crude for January delivery fell $0.31 to $97.34 a barrel on the New York Mercantile Exchange, ending six sessions of gains.

Retailer Sears Canada (SCC.TO) fell 3.4% after reports said that the company would spin off its Lands' End clothing business to raise cash.