Canadian stocks have been higher since the off but are showing
some strong upward momentum now, with the S&P/TSX Composite
Index now up more than 70 points. Today's gains are being paced by
a strong advance for shares of info tech companies and gold miners
on gains in bullion prices due to the U.S. Federal Reserve
expanding its asset-purchase program, further weakening currencies
- in particular, the U.S. dollar.
However, the Fed's plan to buy $45 billion in Treasury
securities each month is doing little to lift shares of energy
companies, possibly because traders are viewing the central bank
action as another sign of a weak U.S. economy, limiting demand for
In other economic news today, StatisticsCanada said there were
267,000 job vacancies among Canadian businesses during September,
up 19,000 from 12 months earlier. For every job vacancy, there were
5.3 unemployed people, down from 5.7 in September 2011. The highest
ratios of unemployed people to job vacancies were in eastern Canada
and lowest in the Prairie provinces.
In company news, Thomson Reuters (TRI, TRI.TO) is up about 1.5%
today on the TSX after the Nasdaq OMX Group Inc. (
) offered $390 million for its investor relations, public relations
and multimedia solutions businesses. The deal is expected to add to
NDAQ earnings within the first 12 months after closing.
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