BUSINESS

Toronto stock market advances; commodities rise on strong Chinese trade data

Malcolm Morrison The Canadian Press
Published Thursday, January 10, 2013 4:25PM EST

A tote board displays the closing figure for the TSX for the year in Toronto on Monday, Dec.31, 2012. (Frank Gunn / THE CANADIAN PRESS)

Text:

TORONTO -- The Toronto stock market closed sharply higher, led by mining stocks as strong Chinese trade data pushed prices for oil and copper higher.

The S&P/TSX composite index climbed 77.5 points to 12,599.74, while the Canadian dollar rose 0.32 of a cent to 101.57 cents US.

China's export growth more than quadrupled in December from the previous month to 14.1 per cent, while imports rose six per cent after no growth in November.

And China's trade surplus unexpectedly surged to its widest since 2008.

In New York, the Dow Jones industrials were up 80.71 points to 13,471.22, the Nasdaq was 15.95 points higher at 3,121.76 and the S&P 500 index added 11.1 points to a fresh, five-year high of 1,472.12.

Oil gained 72 cents to US$93.82 a barrel.