Canadian Stocks Turn Aside Euro-Zone Worries, Falling Commodity Prices to Lift Stocks

By Staff,

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Canadian stocks stocks are higher Monday as investors set aside a rise in Spanish bond yields and instead followed cues from rising European markets. Housing sales data also has been mildly supportive although any gains have been capped by small declines in crude oil, gold and other metals prices.

Here's where the major Canadian markets stand this morning:

- S&P/TSX Composite index is up 14.64 (+0.12%) to 12,055.03.

- S&P/TSX Venture Composite Index is down 7.96 (-0.55%) to 1,451.97.

The average price of a Canadian home fell in March for the first time since January although the number of sales was the highest in nearly two years, according to the Canadian Real Association.

CREA said Monday the national average home resale price in March was $369,677, down from just under $373,000 in February and down from $371,591 from a year ago. March sales rose 2.5% in March from the prior month, boosting the total number of sales so far this year to 108,373.

In company news, U.S. listed share of Ivanhoe Mines (IVN, IVN.TO) are down more than 6% after Mongolian officials suspended mining licenses owned by a IVN joint venture. The move is believed to be related to the proposed sale of IVN's stake to Aluminum Corporation of China Ltd, according to a statement by the partnership.

Also today, Enbridge Inc. (ENB, ENB.TO) and Enterprise Products Partners LP ( EPD ) told regulators they plan to start shipments on the Seaway pipeline from Cushing, Oklahoma, to the Gulf Coast May 17.

First Majestic Silver ( AG ) is down about 1.5% today and the miner saying it has started commercial production at its La Parilla mine in Mexico. It also said that total production at its three mines in Mexico during Q1 reached 2.007 million equivalent ounces of silver. Silver production slipped 7% from Q4 but rose 3% year over year to 1.82 million ounces. It also produced 3.17 million pounds of lead, 1,32 pounds of zinc and 611 ounces of gold.

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: AG , EPD

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