Canada Stocks Close Higher; GDP Stronger than Expected; Air Canada Most Active
Canadian stocks climbed higher on Friday, driven by gains in Industrials and Energy. Most sectors were higher, although Metals and Mining bucked the trend.
Growth in Canada was slightly stronger than expected. Real GDP grew by 2.7% annualized, in the July-September period, driven mainly by consumer spending, business inventory accumulation and signs of a rebound in business investment.
The Statistics Canada report on Friday followed a disappointing 1.6 percent GDP gain in the second quarter. The performance beat the median forecast of 2.5 percent growth and was well above the Bank of Canada's 1.8 percent estimate last month.
Air Canada was the most active stock on the TSX. The Airline announced it is launching Saturday and Sunday flights from Toronto to Sarasota, on Florida's white sand Gulf Coast, and that will increase to daily flights from December 17th through to April 27th, 2014. The stock closed up 5.7% with 3.4 million shares changing hands.