TSX Ends Higher On Growth Prospects - Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a sixth straight session Friday, as investor's risk appetite improved after slew of upbeat macroeconomic data out of the U.S. recently.

Elsewhere, the Asian markets settled broadly higher overnight in light trading and European stocks also ended higher following the two-day Christmas break, helped by investor confidence in the global economy even as the U.S. economy strengthening.

The S&P/TSX Composite Index closed Friday at 13,587.98, up 69.96 points or 0.52 percent. The index scaled an intraday high of 13,604.31 and a low of 13,517.92. The index added over 300 points or 2 percent in the past five trading sessions.

Crude oil ended higher Friday after an Energy Information Administration weekly oil report showed stockpiles in the U.S. to have declined more than expected.

The U.S. Energy Information Administration in its weekly oil report said crude oil stockpile for the week ended December declined. U.S. commercial crude oil inventories decreased 4.70 million barrels to 367.60 million barrels last week. Analyst expected crude oil inventories to fall by 2.20 million barrels last week.

In the oil patch, Suncor Energy Inc. (SU.TO) gained 0.95 percent, while Encana Corp. (ECA.TO) edged up 0.10 percent.

Gold futures ended higher on Friday after fluctuating for much of the session, after the dollar weakened against a basket of major currencies on low volumes due to Christmas holidays. Gold for February delivery, gained $1.70 or 0.1 percent to close at $1,214.00 an ounce Friday on the Comex division of the NYMEX.

Among gold stocks, Kinross Gold Corp. (K.TO) gained 0.86 percent, Barrick Gold Corp. (ABX.TO) moved up 1.52 percent, and Yamana Gold Inc. (YRI.TO) edged up 0.11 percent.

In the financial space, TD Bank (TD.TO) was up 0.68 percent, Scotiabank (BNS.TO) added 0.58 percent, and CIBC (CM.TO) up 0.42 percent.

Meanwhile, ailing smartphone maker BlackBerry (BB.TO) dived 5.09 percent after its co-founder and former CEO Michael Lazaridis reduced his stake to under 5 percent in the company, after it ended an attempt to sell itself. As per a filing with the US Securities and Exchange Commission, Lazaridis has disclosed sale of 3.5 million shares in the company in the past two days. Lazaridis previously owned a 5.7 percent stake in the company.

In economic news elsewhere, profits earned by Chinese industrial firms rose 9.7 percent in November, compared with the 15.1 percent annual rise witnessed in the previous month, the National Bureau of Statistics reported. Hong Kong's Hang Seng gained 0.3 percent, extending gains for the third consecutive session.

Initial jobless claims for unemployment benefits in the U.S. declined sharply for the week ended December 21. Initial jobless claims tumbled to 338,000, a decrease of 42,000 from the previous week's revised figure of 380,000. Economists expected claims to drop to 340,000 from the 379,000 originally reported for the previous week.