Canadian Stocks Recover Around Half of Wednesday's Losses; Metals, Energy Leading Rebound for Toronto Stocks


Canadian stocks are higher today, recovering about half of yesterday's steep fall for the S&P/TSX Composite Index, with the primary gauge for Toronto-listed stocks climbing nearly 85 points, or about 0.7%, to around 12,030.

Mining stocks are helping lead today's comeback, with the sector up 2% as a group in early afternoon trade. Energy stocks also are nearly 2% higher as crude oil and natural gas follow most metals higher in commodities trade.

Tech stocks are reversing yesterday's small gains, sinking about 1.2% as a group, with all seven component companies in the S&P/TSX Capped Information Technology Index currently posting declines. CGI Group Inc. (GIB-A.TO, GIB) is down about 1.0% despite the company today disclosing a new collaboration with Akamai ( AKAM ) and Daon to provide a cloud-based authentication service for mobile devices used by federal employees.

In other company news, Rogers Communications (RCI-B.TO, RCI) is down about 0.4% this afternoon - albeit at the high end of its 52 week range - after offering $200 mln to acquire Blackiron Data, which provides data center and cloud-computing services throughout Canada, from Primus Telecommunications Group ( PTGI ).

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

Referenced Stocks: AKAM , PTGI

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