TSX Advances As Firm Commodities Boost Resource

TSX Composite Index was up 109.93 points or 0.9% at 12,211.73 Friday afternoon. The benchmark index had settled near its yearly high on Monday, but edged down in subsequent sessions.

In economic news from south of the border, a report from the Commerce Department showed US durable goods orders fell 1.3% in August, but lower than a 1.4% drop economists had expected.

In a separate release, the Commerce Department said new home sales for August came in at an annual rate of 288,000, unchanged from the revised rate for July. Economists had expected new home sales to increase to 291,000 from the 276,000 originally reported for the previous month.

The Diversified Metals and Mining Index rose 4%, with First Quantum Minerals (FM.TO) up 5.5% and Teck Resources (TCK_B.TO) up 3.8%.

Thompson Creek Metals (TCM.TO) gathered 3%. Terrane Metals (TRX.V) said 99% of its voting shareholders approved a C$650-million takeover by the molybdenum producer.

Canadian Natural Resources (CNQ.TO) gained 1.4% and Petrobakken Energy (PBN.TO) rose 2.8% as November crude oil increased $1.17 to $76.35 a barrel on the New York Mercantile Exchange.

Pure Energy Services (PSV.TO) moved up 1.3%. The Calgary-based oilfield services firm revealed plans to sell its drilling rig assets and operations to a private investment group for about $34 million.

However, Canadian Oil Sands Trust (COS_UN.TO) lost 2.3%. The oil sands producer cut its crude oil production estimate from its Syncrude facility, citing unplanned maintenance.

Among financial stocks, RBC (RY.TO) and BMO (BMO.TO) added 1.6% each. Manulife Financial (MFC.TO) gathered 2.7%.

Meanwhile, gold shares edged lower even after the price of bullion crossed the $1300 an ounce mark for the first time in history. Barrick Gold (ABX.TO) eased 0.6% and Goldcorp (G.TO) trimmed 0.4%.

In the industrial sector, Canadian Pacific Railway (CP.TO) and SNC-Lavalin (SNC.TO) gained 2% each. Stantec Inc. (STN.TO) added 3%.

COM DEV International (CDV.TO) rose 4.1%. The satellite component maker said it secured a $1.8 million follow-on contract to provide switches, filters and multiplexers for a commercial communications satellite.

YM BioSciences (YM.TO) shed 1.2%. The cancer drug developer reported a fourth-quarter loss that widened to C$8.6 million from C$3.3 million, hurt by higher expenses as well as a decline in revenues.