Canada's main stock index advances on European data

Canada's main stock index Monday climbed higher as strong manufacturing data from the U.S. and Europe boosted investors' confidence The Toronto Stock Exchange's S&P/TSX composite index was up 58. 71 points to 13,184.41 points, with most shares regaining momentum after the plunge of nearly 200 points last Wednesday. Although the concern was still lingering over when the U.S. Federal Reserve could begin to scale back its stimulus measures, the strong manufacturing data from the U.S. and Europe build up investors' trading volume. The data on Monday showed that Euro-area factory output in December was more positive than economists had forecast, with Germany leading the increase. Financial information company Markit said the purchasing managers index (PMI) for the eurozone rose to a 31-month high of 52.7 from 51.6 in November. While a report from the Federal Reserve also showed that U.S. industrial production climbed in November by the most in a year. Output at factories, mines and utilities rose 1.1 percent after a revised 0.1 percent gain in October. The S&P/TSX composite index gained as high as 79.34 points to 13,205.04 while rising commodities helped push the Canadian dollar ahead to 0.9446 U.S. dollars in the midday trading. In sectors performance, the info-tech shares gained 1.49 percent topping other sectors in the index, with BlackBerry Limited up 2.20 percent to 6.55 Canadian dollars (6.16 U.S. dollars), after it was reported that the smartphone maker announced Monday that two more executives were leaving the company. Shares of health care advanced 1.35 percent as Valeant Pharmaceuticals International Inc. announced a friendly deal to acquire Solta Medical Inc., a California-based company. Valeant shares were up 3.94 percent to 117.52 Canadian dollars. As for the ordinary major players of the index, the financials advanced 0.65 percent, and Metals & Mining inched up 0.02 percent, but the energy sector was down 0.22 percent. In currency front, the Canadian currency rate against U.S. dollar stumbled a bit after its rise in the midday trading. The Canadian dollar was down to 0.9439 U.S. dollar Monday, compared with 0.9448 U.S. dollar in Friday's trading.