Traders have a flood of earnings and economic data to digest this week. The Toronto Stock Exchange remains weighed down by the resource sector and last week's falling gold prices.The Canadian Press
The Toronto market was higher Monday as resource stocks made headway amid positive trade data from China.
The S&P/TSX composite index gained 65.74 points to 14,756.57.
The Canadian dollar benefited from overall U.S. dollar weakness and a strong employment report released on Friday, up 0.15 of a cent to 88.39 cents (U.S.).
U.S. indexes were in the red after the Dow Jones industrials and the S&P 500 finished at record highs last week.
The Dow eased 10.14 points to 17,563.79, the S&P 500 dipped 0.08 of a point to 2,031.84 while the Nasdaq dropped 5.85 points to 4,626.68.
Data released overnight showed that China's export growth slowed to 11.6 per cent in October from a year earlier, beating analysts' expectations of a 10 per cent rise.
Imports rose 4.6 per cent from a year earlier, slightly below forecasts calling for a five per cent gain.
The trade surplus of the world's second-biggest economy also beat expectations as it widened in October to $45.4-billion from $30.9-billion in September, higher than the forecast calling for a $42.3-billion surplus.
Other data showed China's consumer price index rose 1.6 per cent in October from a year earlier and was well below the government's target for the year of 3.5 per cent.
The Chinese data and the weaker greenback helped push the December crude contract on the New York Mercantile Exchange up 65 cents to $79.30 a barrel and the TSX energy sector climbed 1.75 per cent.
The base metals group was ahead 0.5 per cent while December copper edged a cent lower to $3.03 a pound.
All sectors were higher Monday morning save the gold sector, which was down 2.2 per cent with December bullion down $3.20 to $1,166.60 an ounce.
North American markets powered higher last week as earnings news provided encouragement and oil prices bounced off three-year lows. There was some initial disappointment with U.S. job figures that narrowly missed forecasts but analysts pointed out that revisions to the previous couple of months meant that for all intents and purposes, it met the consensus.
Meanwhile, investors will be looking for other American data this week to reinforce the view that the U.S. economy is by far the global outperformer. The consumer will be in focus Friday as U.S. retail sales data for October is released.
The main Canadian items are housing starts for October, which come out on Monday, and Statistics Canada's September survey of manufacturing shipments, out Friday.
In earnings news, Cargojet Inc. posted a $2.3-million (Canadian) net loss from continuing operations, or 25 cents per share, in contrast to a year-earlier profit of $225,000 or three cents per share. Cargojet said the loss was due to increased expenses. In the third quarter, Cargojet's overall revenue was up 8.8 per cent compared with a year ago at $47.2-million and revenue at its core business rose 12.6 per cent to $33-million, mainly because of higher volume on its overnight network. Its shares added a penny to $24.52.
Turquoise Hill Resources Ltd. had a smaller third-quarter loss as its Oy Tolgoi mine in Mongolia reduced expenses, ramped up production and drew down on copper concentrate inventories as sales exceeded production. The Vancouver-based mining company, which reports in U.S. currency, said its net loss was $38.6-million or two cents per share, down from $94-million or nine cents per share. Its shares edged up three cents to $3.63.