Canada Stocks Close Up; Notch up 6-year Highs; Energy Drives Gains

By Staff,

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Canada stocks made it eight successive days of gains and hit fresh 6 year highs Tuesday. The TSX is up near 10% in 2014, to date.

Among sectors, Energy along with Metals and Mining were the biggest winners while Health Care capped gains.

Of commodities, gold prices ended the U.S. regular session firmer and struck a two-week high on some short covering and some technical buying. Palladium reached three-year highs as strike talks in South Africa broke down. Meanwhile, Bloomberg reported that OPEC nations representing 85% of the group's output said they were at ease with supply and demand in global oil markets before a meeting in Vienna tomorrow to decide a collective production limit.

In company news, U.S. drugmaker Allergan Inc ( AGN ) rejected a sweetened US$53 billion takeover offer from Canada's Valeant Pharmaceuticals (VRX.TO, VRX) and activist investor William Ackman.

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
Referenced Stocks: AGN

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