Toronto Stocks Higher at Midday Amid Stronger-than-Expected GDP Growth

         By Satish Sarangarajan 

    TORONTO--Canadian stocks were higher at midday Friday, as materials and energy shares led a broad updraft that came amid unexpectedly strong gross domestic product data.

    Statistics Canada said Canada's gross domestic product rose a stronger-than-forecast 2.7% on an annualized basis in the third quarter, as consumers spent more and businesses increased investments into inventory, plants and equipment.

    At 11:45 a.m. EST (1645 GMT), the S&P/TSX Composite was up 109.14 points, or 0.8%, at 13479.97 and advances led declines 944 to 483. The S&P/TSX 60 had gained 6.76 points, or 0.9%, to 777.47.

    The Toronto market was outperforming U.S. markets, which were modestly higher ahead of an early close at 1:00 p.m. EST. But volume here was light; about 114 million shares had changed hands by midday. All 10 stock groups were higher.

    The materials index was up for the third straight day, rising 1.2% amid gains in copper and gold prices. Yamana Gold was up 2.4%.

    The heavyweight energy index had risen 1.3%, led by gains in Canadian Natural Resources, up 2.0%, and Imperial Oil, up 2.5%.

    Atrium Innovations, a Quebec dietary supplements maker, hit a six-year high after it agreed to a C$24-a- share acquisition offer.

    Write to Satish Sarangarajan at