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Canadian stock market ends higher amid positive U.S. data


09:42, March 07, 2013

TORONTO, March 6 (Xinhua) -- The Canadian stock market climbed on Wednesday as metals and mining stocks were boosted by positive U.S. economic data.

The S&P/TSX Composite Index advanced 95.92 points, or 0.75 percent, to 12,831.96, while the S&P/TSX Venture Composite Index slightly decreased 2.51 points, or 0.23 percent, to 1,109.72.

Signs of strength in the U.S. job market encouraged investor sentiment on the market Wednesday. Figures released by the New Jersey-based ADP Research Institute showed that 198,000 jobs were created in January in the U.S., beating analysts' forecasts and indicating that the U.S. job market would probably keep expanding this year.

In Canada, the central bank softened its stance on the need for interest rate hikes on Wednesday, saying it will likely hold its benchmark rate steady for a period of time but its next move would probably be a hike rather than a cut.

All but two of eight sectors on the main index of Toronto Stock Exchange went higher, led by mining and energy stocks.

Metals and mining sector increased 2.7 percent. Gold-mining shares led the sector's gain on higher bullion prices. Barrick Gold Corporation grew 4.5 percent to 30.61 Canadian dollars per share and its main rival Goldcorp Inc. fell 4.68 percent 34.44 Canadian dollars.

In energy, shares in Suncor Energy climbed 1.4 percent to 31. 28 Canadian dollars apiece. Talisman Energy Inc. shares added 0.9 percent to 12.65 Canadian dollars per share.

Financial sector slightly slipped 0.25 percent. Canada's largest bank Royal Bank of Canada decreased 0.9 percent to 63.22 Canadian dollars per share while Bank of Nova Scotia lost 0.3 percent to 61.12 Canadian dollars per share.

At closing, the Canadian dollar moved down to 0.9689 U.S. dollar at 5 p.m. local time (2200 GMT) after the Bank of Canada makes its interest rates announcement, compared with 0.9735 U.S. dollar on Tuesday.

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