Canadian Stocks Extending Rally, Climbing Back Near 52-Week High As All Sectors Advance


Canadian stocks are broadly higher today, with the S&P/TSX Composite Index posting its second triple-digit rise in a row. The Index was last up 123 points, but earlier had tacked on over 130 points to pull within close range of its 52-week high of 12,904.70.

All 10 industry sectors in the TSX Composite are posting gains, including a 2.5% advance for mining and materials stocks. Shares of industrial, consumer and telecom companies also putting in strong performances. Healthcare stocks are lagging the field, climbing about 0.1% as a group.

Among individual stocks posting out-sized gains, Oncolytics Biotech Inc (ONC.TO, ONCY) is up about 2.6% after saying its Reolysin drug candidate - used in combination with carboplatin and paclitaxel - demonstrated a disease control rate of 71.5% in patients with metastatic melanoma during the first stage of a two-stage, Phase II clinical trial.

Canaccord Financial Inc. (CF.TO) is down 2.09% after saying it earned CDN $0.04 a share in Q4 up from a loss of CDN $0.42 a year earlier. Excluding items, it earned CDN $0.12 a share, up from CDN $0.02. Revenue was also higher.

Copper Mountain Mining Corp. (CUM.TO) stock has jumped 10.5% since the company reported that the damaged SAG mill transformer at its Copper Mountain mine in British Columbia was replaced late Friday and the mill was back in operation by Friday night. It said operations over the weekend were better than forecast.

Logan International Inc. (LII.TO) shares are up 16.2% after the company reportedly hired a financial adviser to review strategic alternatives in a bid to boost shareholder value. The process will include seeking proposals from potential buyers, it said.

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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