Canadian Stocks Now Up 80 Pts With Strong Upward Momentum; Energy Leads Charge, Miners Only Slightly Higher

By Staff,

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Canadian stocks are higher, with the S&P/TSX Composite Index rising more than 80 points, or nearly 0.7%, to session highs, with strong upward momentum. It has been boosted by energy stocks like Surge Energy (SGY.TO) and Suncor (SU.TO).

Reflecting that, while all sectors are higher, the Energy sector is up the most in percentage terms. Easily most actively traded is Southern Pacific Resource Corp (STP.TO), which is up more than 20% with nearly 10 million shares traded although there is no fresh stock specific news around. It posted results May 10.

Mining stocks are only slightly higher, with the ongoing slide in gold and silver prices in commodities trade undercutting shares of producer companies.

Among individual companies, Copper Mountain Mining Corp. (CUM.TO) is down 8.3% and has hit year lows on news of a SAG Mill motor transformer failure at Copper Mountain Mine. An analyst with Dundee Securities has cut the stock's rating.

StatisticsCanada today said the Consumer Price Index rose 0.4% during the 12 months through April, following a 1.0% increase in March. Declining gasoline prices were largely responsible for the 0.6 percentage point difference in the 12-month change in the CPI. Price decreases for the purchase of passenger vehicles also were a factor.

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
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