Canada Stocks Close Higher; Most Sectors Down; Oil Hits Eight Month High

By Staff,

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After seeing a run of eight straight days of gains come to an end yesterday, the Toronto Stock Exchange rebounded late in the session and closed higher Thursday. Most sectors were down, led by Health Care but a strong rise in Energy shares buoyed the broader market.

Of commodities, oil hit eight month highs amid supply concerns as violence increases across Iraq, OPEC's second-biggest oil producer. Gold hit its highest levels in nearly three weeks on a lower greenback, in turn on worse than expected U.S. retail sales and jobless claims data.

Meanwhile, Bloomberg reported that copper fell to the lowest in six weeks in New York amid concern that use of the metal as collateral will slow amid an investigation into warehousing at China's Qingdao port. And Reuters reported that among other precious metals, platinum and palladium posted their biggest daily losses for nearly a year after South African producers said they had reached "in principle" undertakings with the union to end a crippling five-month strike.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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