Canadian stock market rebounds over positive U.S. economic data

Canada's main stock market rebounded Tuesday as positive U.S. economic growth data boosted market sentiment.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index advanced 58.24 points, or 0.39 percent, to 15,073.65 points.

Investors' trading confidence was supported by the strong growth data of the U.S., Canada's biggest trade partner. According to the second estimate released by the U.S. Commerce Department Tuesday, the real GDP increased at an annual rate of 3.9 percent in the third quarter of 2014, which is better than expected.

Meanwhile, Statistics Canada reported Tuesday morning that Canadian corporations earned 90.2 billion Canadian dollars (about 80.16 billion U.S. dollars) in operating profits in the third quarter, up 3.7 percent from the previous quarter.

Most of the eight major sectors were higher. The metals and mining sector increased 1.85 percent after its subsector gold group gained momentum over a rally in gold futures. The most active gold contract for December delivery rose by 1.4 dollars, to settle at 1,197.1 U.S. dollars per ounce on the COMEX division of the New York Mercantile Exchange.

The world's biggest gold producer Barrick jumped 4.29 percent to 14.83 Canadian dollars and Eldorado Gold spiked up 10.66 percent to 7.99 Canadian dollars per share.

Meanwhile, shares of basic metals witnessed solid gains when copper miners First Quantum Minerals Ltd. soared 4.35 percent to 19.89 Canadian dollars, and Teck Resources Ltd. added 1.05 percent to 19.24 Canadian dollars.

Financials, the most weighed sector in TSX, grew 0.22 percent over the data released by Statistics Canada, which showed that the operating profits of the financial sector rose 8.6 percent to 23.1 billion Canadian dollars in the third quarter.

Insurance company Manulife Financial rose 1.31 percent to 22.45 Canadian dollars and Canadian Imperial Bank of Commerce added 1 percent to 105.33 Canadian dollars.

Energy, down 0.85 percent, was the biggest loser on Tuesday, when crude prices retreated as expectation waned amid possible action by the Organization of Petroleum Exporting Countries (OPEC) to cut crude output, which was considered as a crucial measure to hold back the falling prices.

Canada's crude oil giant Suncor Energy Inc. lost 1.71 percent 39.63 Canadian dollars.

On the currency front, the Canadian dollars went up Tuesday to 0.8887 U.S. dollar from 0.8858 U.S. dollar on Monday.