The Toronto stock market racked up a minor gain Monday amid positive earnings from the American financial sector and economic data from China and the United States that was better than expected.
The S&P/TSX composite index shook off early losses thanks to gains in financials and industrials, edging up 27.92 points to 12,229.96, while the TSX Venture Exchange slipped 10.08 points to 1,282.73.
The Canadian dollar was down US0.07¢ to US102.04¢ as commodities retreated and traders took in the Bank of Canada's latest business outlook survey. The quarterly survey of top executives at 100 firms across the country shows a Crp sector that is far more concerned about the future than it was only three months ago, and planning accordingly.
U.S. markets advanced as Citigroup turned in earnings per share for the third quarter, excluding extraordinary items, of $1.06 - a dime better than analyst estimates. Revenue, after special charges, was $19.4 billion, beating expectations of $18 billion and its shares ran up 5.5% to US$36.66.
The Dow Jones industrials ran up 95.38 points, to 13,424.23, the Nasdaq composite index added 20.07 points, to 3,064.18, and the S&P 500 index was up 11.54 points, to 1,440.13.
Buyers were also encouraged by data showing that U.S. retail sales rose sharply in September, up 1.1% after a 1.2% gain in August, which was revised higher. Both increases were the largest since October 2010.
Other data released Sunday showed that China's consumer price index for September rose 1.9% from a year earlier, down from a 2% advance in August.
Financials led advancers, up 0.56% with Scotiabank ahead 26¢ to $53.48, while Manulife Financial shed 15¢ to $12.
Industrials were also supportive as Canadian Pacific Railway advanced 78¢ to $87.78.
Resource stocks weighed on the TSX with the gold sector down 0.4% as the December bullion contract declined $22.10 to US$1,737.60 an ounce. Barrick Gold Corp. faded 30¢ to $38.01.
Argonaut Gold Inc. shares fell 81¢ to $9.67, as the company announced plans to acquire Prodigy Gold Inc. for shares and cash in a friendly deal valued at $341 million. Prodigy shares surged 29¢ or 42% to 98¢.
The energy sector slipped 0.1%, reflec ng a flat showing in oil prices.
Copper prices failed to find lift from the Chinese data, with the December contact unchanged at US$3.70 a pound and the base metals sector was slightly lower. Capstone Mining dipped 3¢ to $2.34. B2 Ba Ba Ba Ba Ba Ba BC
