Canadian Stocks Recoup Most Early Losses, Now Trading Near Even for Session as Gold Rallies

By Staff,

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Canadian stocks are well off their initial lows and are within range of break even point again as crude oil has cut its earlier declines nearly in half and gold prices are now turning positive. Mining stocks are the best performers, while shares of healthcare companies have also turned positive in recent minutes.

Here's where the primary market gauges stand this morning:

- S&P/TSX Composite index down 36.60 (-0.32%) at 11,555.52

- S&P/TSX Venture Composite Index down 7.09 (-0.55%) at 1,288.99

Disappointing trade data out of Germany today and uncertain prospects over how Spain's banking crisis may be resolved has pressured global markets throughout much of the day. Closer to home, Canadian employment was unchanged in May following two months of strong gains. The nation's unemployment rate remained unchanged at 7.3%.

Compared with year-ago levels, Canadian employment is up 1.2% with 203,000 more people working. Nearly all of the growth was in full-time jobs, rising by 192,000. Total number of hours worked rose 1.3% over the same period.

In company news, shares of Ivanhoe Mines ( IVN ) are down about 0.3% in morning trading after the company filed final prospectus for a rights offering for all existing shareholders to purchase a proportional number of shares to their current stakes in the copper and gold miner.

The offering is expected to raise about US$1.8 billion in gross proceeds.

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: IVN

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