TSX climbs amid rising commodities

TOrONTO • The Toronto stock market racked up a modest gain Thursday as commodity prices moved mainly higher and consumer, housing and employment data pointed to a stronger U.S. economy.

The S&P/TSX composite index gained 53.88 points to 12,005.78.

After markets closed, regulators announced the approval of a revised bid by Bell to acquire Astral Media and its suite of TV speciality channels and radio stations in a deal worth $3.4-billion.

The Canadian Radio-television and Telecommunications Commission said the revised bid — in which Bell agreed to sell some of Astral’s specialty TV channels and radio stations — satisfied concerns the company would be too dominant in the market.

BCE shares closed up about one per cent prior to the announcement, while Astral shares gained 13¢ to $48.24.

The Canadian dollar edged up 0.04 of a cent to US95.47¢.

New York indexes also advanced as the Dow Jones industrials gained 114.35 points to 15,024.49, the Nasdaq ran ahead 25.64 points to 3,401.86 and the S&P 500 index climbed 9.94 points to 1,613.2.

The U.S. Commerce Department said American consumer spending rose 0.3% last month while incomes rose 0.5% in May, the biggest gain since February.

The number of Americans seeking unemployment benefits — a proxy for layoffs — fell 9,000 to a seasonally adjusted 346,000. The four-week average declined to a near five-year low of 345,750.