The Toronto stock market closed higher Wednesday amid oil prices at a three-month high and positive U.S. economic data.
The S&P/TSX composite index gained 51.83 points to 11,905.44 while the TSX Venture Exchange added 9.61 points to 1,206.62.
The 91原创 dollar was up US0.30垄 to a 3 1/2-month high of US$1.0111.
New York markets were mixed as traders looked to U.S. data showing weak pricing pressure and a solid reading on industrial production.
The Dow Jones industrial was 7.36 points lower at 13,164.78, and the Nasdaq composite index was up 13.95 points at 3,030.93 ahead of earnings released after the close by tech bellwether Cisco Systems.
It reported quarterly earnings per share of 47垄 a share, 2垄 better than what analysts expected. Revenue came in at US$11.7 billion, exceeding estimates of US$11.6 billion. Its shares were up 2% in after hours trading in New York as Cisco also raised its dividend 75% to 14垄 a share.
The S&P 500 index rose 1.60 points to 1,405.53.
Inflation remains tame as the U.S. consumer price index was unchanged in July for the third time in four months. Economists had expected the CPI to rise 0.2%.
And U.S. industrial production climbed 0.6% in July on top of a 0.4% gain in June and better than the 0.5% reading that economists had forecast.
The financials sector was the biggest advancer, up 0.6% as Royal Bank moved ahead 74垄 to $52.72.
Oil prices shook off early declines after a weekly U.S. government report showed a drop in inventories for last week. The September contract on the New York Mercantile Exchange gained 90垄 to US$94.33 a barrel after the Energy Information Administration reported a decline of 3.7 million barrels in crude inventories, much higher than the 1.5-million-barrel drop that analysts expected.
The energy component was up 0.3% and Cenovus Energy climbed 30垄 to $32.61.
The gold sector was ahead about 0.25% as bullion prices headed higher with the December contract ahead $4.30 to US$1,603.70 an ounce. Goldcorp Inc. faded 24垄 to $36.24.
The base metals sector eased 0.2% on top of a 3% loss Tuesday as the September copper contract on the Nymex was down a cent at US$3.35 a pound. Metal prices have weakened in the wake of data released over the past few days that showed slowing Chinese export growth and a sharp drop in economic growth in Japan in the second quarter.
Thompson Creek Metals dropped 9垄 to $2.26 while HudBay Minerals (TSX: HBM) shed 19垄 to $8.33.
