Canadian stocks rose for the fourth time in five days, buoyed by
positive signs for the domestic economy with July building permits
soaring nearly 21% month over month to a new cycle high.
Strong China export data also boosted sentiment as it raises the
prospect that nation may soon be in a financial position to start
increasing its demand for commodities from resources-rich countries
Capping gains, Gabriel Resources Ltd. (GBU.TO) was down 53% at
68 cents after earlier hitting a record low of 41 cents. Around
12.5 million shares were traded, making it easily the most active
on the TSX. The company said it noted media statements in Romania
this morning reporting comments by the Prime Minister and other
ministers of the Romanian Government that the draft legislation
relating to the Rosia Montana Project is to be rejected before
debate by the two chambers of parliament.
It said: "Notwithstanding that the Government approved the draft
legislation in its meeting on August 27, and recent polls
illustrate a majority of support for progression of the Project
across Romania it appears that the Government has instituted
emergency procedures to halt any debate in Parliament.
"Gabriel is urgently seeking confirmation of the actual
statements made and clarification of the impact on the proposed
permitting of the Project. If the draft legislation is rejected
then the company will assess all possible actions open to it,
including the formal notification of its intentions to commence
litigation for multiple breaches of international investment
"As matters progress the company will update the market
accordingly, however until such further announcement the company
would advise caution in the trading of its shares."
Among other individual stocks, fertilizer producer Potash Corp
(POT.TO) gained near 5% on speculation that Russia will not
initiate a price war, as was feared in recent weeks after the break
up of a Belarus consortium.
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