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TSX gains on stronger commodities

TORONTO — The Toronto stock market was slightly higher near midday, but losing some of its momentum, propelled by higher energy and gold stocks.The S&P/TSX composite index was ahead 5.11 points to 12,414.36, coming off more enthusiastic gains of 55 points made earlier in the session. The TSX Venture Exchange rose 7.37 points to 1,342.26.The Canadian dollar increased 0.11 of a cent to 102.52 cents US.In commodities, much of the shine was taken off earlier gains. November crude on the New York Mercantile Exchange moved up 56 cents to US$92.98 a barrel. The TSX energy sector rose 0.5%.Gold stocks gained 0.3% as the December bullion contract increased $1.90 to US$1,772.10 an ounce. December copper was up 3.3 cents to US$3.79 a pound.A Statistics Canada report showed that Canada’s inflation rate continued to slide in August, dipping one-tenth of a point to 1.2% as most goods and services tracked by the agency fell or rose moderately compared with the same month last year.Elsewhere, hopes that Spain was preparing to tap a new European aid program reemerged. The ECB recently announced a bond-buying program meant to bring down the borrowing rates of countries that ask for financial aid. The plan has eased market tensions in Spain, but mainly on the assumption that Madrid will request the aid — something it has so far balked at doing.On Wall Street, the Dow Jones industrials gained 19.77 points to 13,619.57. The Nasdaq composite index trekked ahead 14.89 points to 3,190.85 and the S&P 500 index was 3.75 points higher to 1,464.01.Shares of Research In Motion (TSX:RIM) dropped five per cent after the company said it’s investigating the cause of a BlackBerry outage affecting users in Europe, Middle East and Africa on Friday, though the company said the problem has since been resolved. The technical glitch came as Apple launches its new iPhone 5 model in stores. RIM shares were down 36 cents to $6.39.Air Canada (TSX:AC.B) and Irish national carrier Aer Lingus have signed an interline agreement that will make flying between the two countries more convenient. The deal allows customers to fly year-round through London Heathrow Airport on one ticket. Shares of the company were ahead two cents to $1.25.In Europe, the FTSE 100 index of leading British shares slid 0.1% at 5,849 while Germany’s DAX rose one per cent to 7,460. The CAC-40 in France was up 0.6% at 3,532.Earlier in Asia, Tokyo’s Nikkei 225 index, gained 0.2% to 9,110.0 while China’s benchmark Shanghai Composite Index added 0.1% to 2,026.69. Hong Kong’s Hang Seng rose 0.7% to 20,734.94.The Canadian Press read more

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