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Market: TSX
Sector: General Mining
EPIC: TSXC
Latest Price: 12,613.00  (0,00%)
52-week High: 0.00
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TSX moves up as China GDP data meets estimates

13th Jul 2012, 10:48 am by Deborah Sterescu
Canada's main market moves higher in morning trade Friday as though Chinese economy slowed in Q2, data met expectations Canada's main market moves higher in morning trade Friday as though Chinese economy slowed in Q2, data met expectations

Canada's main market moved higher on Friday morning, lifted by resource stocks and commodities as Chinese GDP data for the second quarter met analyst forecasts, despite confirming a slowdown in the economy.

The Chinese economy grew 7.6 per cent in the second quarter from a year earlier, the slowest pace since the first quarter of 2009.

The growth rate compares to an 8.1 per cent expansion in the first quarter, highlighting the country's problematic export-dependant growth model. But the results still met analyst forecasts.

As of 10:45am ET, the S&P/TSX Composite was up 57.35 points, or 0.5%, to 11,482.82, while the more junior S&P/TSX Venture Composite rose 5.43 points, or 0.46%, to 1,174.62.

In Toronto, energy, materials and metals and mining stocks were the biggest percentage gainers.

Gold futures rose $28.4 to $1,593.7 an ounce, while crude oil for August moved up 75 cents to $86.83 per barrel. The base metal copper contract, which is driven heavily by demand from China, rose 8.3 cents, or 2.4%, to $3.5 a pound.

In energy, Suncor (TSE:SU) was up more than 1%, while Celtic Exploration (TSE:CLT) led the gains in the sector, up 3.75%.

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