Canadian Market Climbs Nearly 130 Points, Holding Near Its Best Levels Of The Day

By Staff,

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Canadian stocks are looking strong this afternoon, with the S&P/TSX Composite Index trading near its best level of the day, climbing 130 points - or about 1.1% - to near 12,220.

Most industry sectors are posting gains, including a 4% advance for the metals and mining group as copper enjoys a big day in commodities trade, with the June contract rising over 2.5% at the New York Mercantile Exchange to $3.18 a pound. Gold and silver futures also are higher while another gain in crude oil prices is carrying the energy sector to a nearly 2.0% rise as a group.

Healthcare stocks are the only sector now in the red, falling about 0.3%, largely due to a 3.1% decline for CML Healthcare (CLC.TO). Medical isotope provider Nordion (NDN.TO, NDZ) and drug-maker Valeant Pharmaceuticals (VRX.TO, VRX) also are lower on the TSX today.

VRX today said regulators in Ukraine have approved the company's proposed acquisition of Obagi Medical Products ( OMPI ). It also said it expects to complete its $24-a-share tender offer for OMPI by the deadline of one minute past midnight ET tonight.

In other company news, Blackberry (BB.TO, BBRY) is up about 2.5% today amid reports the smartphone-maker is set to debut its keyboard-equipped Q-10 Blackberry phone in the United Kingdom as soon as Friday. The new phone will appear in Canadian stores on May 1.

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: OMPI

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