TSX Soars Despite Slumping Commodities, Downbeat GDP -- Canadian Commentary

(RTTNews) - Canadian stocks are surging higher Friday morning, with the Bank of Japan's surprise decision to expand its stimulus measures lifting investor sentiment across global markets.

Financial, consumer staples, technology and industrial stocks are moving higher. Despite lower crude oil prices, some energy stocks are edging higher on bargain hunting after recent losses.

Gold stocks are weak, with falling bullion prices on the back of the dollar's rise dragging them down.

A report from Statistics Canada showing Canadian GDP to have contracted 0.1 percent in August after stagnation in July was largely shrugged off.

The benchmark S&P/TSX Composite Index is up 147.28 points or 1.02 percent at 14,605.97, after advancing to 14,626.98.

On Thursday, the index closed down 68.88 points or 0.47 percent at 14,458.69, after scaling a intraday high of 14,546.49 and a low of 14,412.96.

The Financial Index is up 1.5 percent. Among the big six banks, Toronto-Dominion Bank (TD.TO) is rising 1.7 percent, Bank of Nova Scotia (BNS.TO) is moving up 1.5 percent and Bank of Montreal (BMO.TO) is advancing 1.3 percent. Royal Bank of Canada (RY.TO) and Canadian Imperial Bank of Commerce (CM.TO) are both gaining 1.2 percent, while National Bank of Canada (NA.TO) is adding 0.6 percent.

Manulife Financial Corporation (MFC.TO) and Sun Life Financial Inc (SLF.TO) are gaining over 2.5 percent. Power Corporation of Canada (POW.TO) is moving up nearly 2 percent and Fairfax Financial Holdings (FFH.TO) is up 1.2 percent.

The Information Technology Index is up 2.6 percent. Constellation Software Inc. (CSU.TO) is rising over 6 percent and Avigilon Corporation (AVO.TO) is moving up 4.3 percent.

CGI Group Inc. (GIB.A.TO), Open Text Corporation (OTC.TO), Celestica Inc. (CLS.TO), Descartes Systems Group Inc. (DSG.TO), Sierra Wireless, Inc. (SW.TO) and Wi-LAN Inc. (WIN.TO) are up 2 to 3 percent, while BlackBerry Limited (BB.TO) and DH Corporation (DH.TO) are up 1.3 percent and 1.1 percent, respectively.

The Healthcare Index is rising nearly 2 percent with Valeant Pharmaceuticals International, Inc. (VRX.TO) and Catamaran Corporation (CCT.TO) rising 2.6 percent and 2.8 percent, respectively. Extendicare Inc. (EXE.TO) is up 0.6 percent.

The Industrials Index is up over 1 percent, with by Progressive Waste Solutions Ltd. (BIN.TO) topping the list of gainers, rising 3.7 percent. Canadian Pacific Railway Limited (CP.TO), Canadian National Railway Company (CNR.TO), WestJet Airlines Ltd. (WJA.TO) and Stantec Inc. (STN.TO) are up 1 to 2 percent.

Meanwhile, Bombardier Inc. (BBD.B.TO) and MacDonald, Dettwiler and Associates Ltd. (MDA.TO) are down 1.3 percent and 2.5 percent, respectively.

The Consumer Discretionary Index is up 1.5 percent. Aimia Inc. (AIM.TO), Amaya Gaming Group Inc. (AYA.TO), Gildan Activewear Inc. (GIL.TO) and Tim Hortons Inc. (THI.TO) are up 1 to 2 percent, while Magna International Inc. (MG.TO) is moving up 3.7 percent.

The Consumer Staples Index is up 1.3 percent, with Alimentation Couche-Tard Inc. (ATD.B.TO), Loblaw Companies Limited (L.TO) and Saputo Inc. (SAP.TO) rising 1.7 to 2 percent.

The Energy Index is up 0.6 percent. Husky Energy Inc. (HSE.TO), Canadian Oil Sands Limited (COS.TO), Cenovus Energy Inc. (CVE.TO), Encana Corporation (ECA.TO), Canadian Natural Resources Limited (CNQ.TO) and Suncor Energy Inc. (SU.TO) are up 0.8 to 2 percent.

Imperial Oil Limited (IMO.TO) is surging up 3.2 percent after reporting third quarter net income of $936 million or $1.10 per share, as compared to $647 million or $0.76 per share in the year ago quarter.

The Diversified Metals & Mining Index is up 0.5 percent. Nevsun Resources Ltd. (NSU.TO) and Turquoise Hill Resources Ltd. (TRQ.TO) are rising over 4.5 percent, Lundin Mining Corporation (LUN.TO) is surging up 1.6 percent and HudBay Minerals Inc. (HBM.TO) is advancing 1.3 percent.

Meanwhile, Major Drilling Group International Inc. (MDI.TO) is down 2.1 percent. First Quantum Minerals Ltd. (FM.TO) is down over 3 percent after reporting third quarter net income of $121.2 million or $0.21 per basic share, compared to $143 million or $0.24 per basic share in the year ago quarter.

The Capped Materials Index is down 1.3 percent. Barrick Gold Corporation (ABX.TO) is declining 3.2 percent, Franco-Nevada Corporation (FNV.TO) is down nearly 4 percent, Silver Wheaton Corp. (SLW.TO) is down 2.5 percent and Agnico Eagle Mines (AEM.TO) is lower by 4.5 percent.

Telecommunications stocks BCE Inc. (BCE.TO), TELUS Corporation (T.TO) and Rogers Communications Inc. (RCI.B.TO) are moving up 0.5 to 1 percent.

Pattern Energy Group Inc (PEG.TO) is down marginally after it reported a net loss of $9.3 million in the third quarter, against a net income of $4.2 million in the same period last year.

TransForce Inc. (TFI.TO) has announced that it has sufficient shareholder support for a $495-million cash takeover offer for Contrans Group Inc. (CSS.TO). TransForce says it is in discussions with the Competition Bureau and expects the 30-day waiting period will expire on Wednesday. TransForce Inc. shares are modestly higher, while Contrans Group Inc is up 0.6 percent.

In commodities, crude oil futures for December are down $0.90 or 1.11 percent at $80.22 a barrel.

Natural gas for December is up $0.081 or 2.12 percent at $3.908 per million btu.

Gold futures for December are down $34.50 or 2.88 percent at $1,164.10 an ounce, after dropping to a four-year low of $1,161.00.

Silver for December is down $0.540 or 3.30 percent at $15.880 an ounce. Meanwhile, copper is down $0.011 or 0.35 percent at $3.052 per pound.

In economic news from the U.S., a report from the Commerce Department showed personal spending to have unexpectedly decreased in the month of September, dipping by 0.2 percent, after climbing by 0.5 percent in August.

Additionally, the Commerce Department said personal income edged up by a lower than expected 0.2 percent in September following a 0.3 percent increase in the previous month.