(MENAFN- ProactiveInvestors) Canadian shares advanced halting a three-day slump as data showed that the U.S. economy grew more than previously forecast and after Chair Janet Yellen said she expects interest rates to be raised this year easing concerns about slowing global growth.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) gained 0.8% to 13445.58 at 11:51 a.m. in Toronto. Two shares advanced for every issue that declined as eight out of ten share groups were in positive territory.
The U.S. economy expanded at a 3.9% annualized rate in the second quarter revised from a prior estimate of 3.7% boosted by gains in consumer spending and construction according to a government report.
Yellen said she and other policymakers do not expect recent global economic and financial market developments to significantly affect the central bank's policy.
Financials the index's most heavily weighted sector rose 1.8%. () which has the heaviest weighting in the index gained 1.1% to C$72.10. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value added 1.3% to C$51.67.
The energy sector the main index's second most heavily weighted group inched up 0.4% as oil Canada’s largest export rises.
Energy (TSE:SU) Canada's largest oil sands producer tacked on 1.6% to C$35.04. Limited () Canada’s second-largest energy producer inched up 0.1% to C$25.97.
November West Texas Intermediate crude traded at $46.12 a barrel up 2.7%.
The materials sub-index which includes mining shares fell 0.5% as gold fell from one-month highs. (TSE:G) Canada’s largest gold miner by market value inched up 0.1% to C$17.99. (TSE:ABX) Canada’s second-largest gold miner skidded 0.5% to C$8.68.
(TSE:SLW) fell 1.5% to C$16.41 as the world’s largest precious-metals finance firm said it has received notices of reassessment from Revenue Canada for its 2005 to 2010 tax years and said the agency is seeking a total of C$353mln in tax interest and penalties from the company. said it plans to file a notice of objection.
U.S. gold futures for December delivery were down $6.90 an ounce at $1146.90.
BlackBerry (TSE:BB) tumbled 4.4% to C$8.95 after the handset maker missed already low expectations for its second quarter.
() jumped 6.1% to $10.50 after the networking-equipment company said it has increased its quarterly dividend 22% to 5.5 Canadian cents a share.
(TSE:CXR) sank 5.1% to C$84.25 after the health care company priced an offering of 8 million shares at $65 each to raise $520 million.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.