Canada Stocks Hit Six Year Highs; Dovish BOC Drives Gains


Canada stocks were up for a fourth straight day and hit their highest levels in six years Wednesday, this time gaining more than 62 points or 0.42% to near 14,796. What makes today's performance even more impressive is the index fell to a day low 14,670 inside the first 30 minutes of trade - so it completed a near 130 points turnaround from there.

The market shook off disappointing local economic news and views, including further signs of Bank of Canada's lingering disinflation anxiety. Also, Canada's merchandise trade balance swung to a surprise deficit in April as energy exports fell on refinery shutdowns. But markets may not be able to shake off further disappointment tomorrow if the European Central Bank doesn't introduce new measures to stimulate the economy there. And then there will be key Canada and U.S. jobs numbers on Friday to deal with.

Among sectors, most were higher, with financials boosted by results from Canaccord Genuity (CF.TO) and Laurentian Bank (LB.TO).

Of commodities, gold was modestly lower amid caution ahead of tomorrow's European Central Bank meeting and the upoming payrolls report from the States. Bloomberg on Wednesay afternoon reported that West Texas Intermediate crude narrowed its discount to Brent to the least in seven weeks as inventories declined at Cushing, Oklahoma.

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

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

This article appears in: Investing , Commodities

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