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The TMX Broadcast Centre in The Exchange Tower in Toronto is pictured. On Friday, the S&P/TSX index had fallen 2 per cent week over week. (Deborah Baic/The Globe and Mail)
The TMX Broadcast Centre in The Exchange Tower in Toronto is pictured. On Friday, the S&P/TSX index had fallen 2 per cent week over week. (Deborah Baic/The Globe and Mail)

At midday: TSX gains for fifth straight day Add to ...

Canadian stocks were up in midday trading on Thursday, pushing the benchmark index toward a five-day winning streak.

Shortly after noon, the S&P/TSX composite index was up 58 points or 0.5 per cent, to 12,158.

U.S. markets were closed for the Thanksgiving holiday, but stocks moved higher overseas. In Europe, the U.K.’s FTSE 100 rose 0.7 per cent and Germany’s DAX index rose 0.8 per cent.

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The moves follow a number of upbeat developments, suggesting that recent stock market weakness might have been overblown. China reported that its factory activity expanded for the first time in 13 months, pointing to a rebounding economy.

And a ceasefire between Israel and Hamas, reached on Wednesday, appeared to be holding, reducing anxieties that the Middle East might be edging toward a regional conflict.

In Canada, the stock market gains were led by Research In Motion Ltd., which rose 14.4 per cent after an analyst at National Bank raised his target on the stock to $15 (U.S.) from $12.

However, the gains were quite broad. Industrials rose 0.9 per cent, materials rose 0.5 per cent and financials and energy stocks rose 0.4 per cent each.

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