TORONTO, Mar. 10, 2010 (Xinhua News Agency) -- Canada's resource-heavy stock market benefited from Chinese data released on Wednesday showing growing domestic consumption in China, a major market for Canadian commodities. The S&P/TSX Composite Index rose 42.35 points, or 0. 36 percent, to 11,961.06.
Three out of the ten sectors on the Toronto Stock Exchange decreased on Wednesday. The indices measuring metals & mining and telecommunication service sectors both rose more than one percent.
Telecommunications are big winners for the day. Quebecor Inc. (TSX:QBR'B) (TSX:QBR'A) surged 4.50 percent after the media and telecommunications company announced it swung to a profit in the fourth quarter. Rogers Communications Inc. (TSX:RCI'B) (TSX:RCI'A) added 1.92 percent. Telus Corp. (NYSE:TU) (TSX:T'A) (TSX:T) advanced 1.85 percent. BlackBerry-maker Research in Motion (NASDAQ:RIMM) rose 2.12 percent, adding to earlier gains this week.
Crude oil for April delivery finished up 0.18 percent at 81.94 U.S. dollars a barrel at the New York Mercantile Exchange.
Suncor Energy Inc. (NYSE:EGAS) rose 0.51 percent. Canadian Natural Resources Inc. gained 1.06 percent.
Gold for April delivery ended 1.26 percent down at 1,108.20 U.S. dollars an ounce at the New York Mercantile Exchange, which hurt metal stocks in Canada.
Yamana Gold Inc. dropped 0.97 percent. Barrick Gold Corp. (NYSE:ABX) (TSX:ABX) lost 2.15 percent.
Data released on Wednesday showed that China's trade surplus had narrowed in February. Imports into China grew by a rate that beat analysts' expectations, which raised demand expectations across commodity markets.
The Canadian dollar appreciated against the U.S. dollar for a ninth day, the longest streak in five and a half years, as the Canadian government considers cutting deficit for the first time since the beginning of the recent financial crisis. One U.S. dollar was buying 1.0246 Canadian dollars at 5 p.m. local time ( 2200 GMT) on Wednesday, comparing with one U.S. dollar buying 1. 0263 Canadian dollars on Tuesday.
