By RTT News,
December 31, 2013, 10:28:00 AM EDT
(RTTNews.com) - Canadian stocks were moving higher Tuesday morning as traders digest data showing U.S. home prices increased at a slower rate in October. Elsewhere, Asian stocks ended mixed overnight in light trading as some of the regional markets remained closed for New Year's Eve. A flat close on Wall Street overnight and a lack of positive triggers rendered investor mood somewhat cautious heading into the New Year. Meanwhile, European shares are ticking higher in thin pre-holiday trading, although gains were capped due to market holidays across Europe.
The S&P/TSX Composite Index gained 45.42 points or 0.33 percent to 13,626.81, a day after snapping its six-session winning streak.
The price of crude oil was lingering below the $100-mark Tuesday morning as traders cash in on recent gains before the end of the year. Crude for February shed $0.68 to $98.61 a barrel.
In the oil patch, Suncor Energy (SU.TO) and Husky Energy (HSE.TO) gathered around 1 percent each, while Niko Resources (NKO.TO) losing close to 4 percent.
Gold stocks were recovering from early trading losses amid a rebound in bullion prices. The price of gold was moving higher Tuesday morning, with the US dollar trading mixed versus a basket of currencies. After hitting a peak of near $1,700 an ounce this calendar year, gold was lingering around its 3-year low. Gold for February added $4.80 to $1,208.60 an ounce.
Among gold plays, Alamos Gold (AGI.TO) and Goldcorp. (G.TO) gained over 3 percent each. Barrick Gold (ABX.TO) and Agnico-Eagle Mines (AEM.TO) were up around 2 percent each.
Constellation Software (CSU.TO) eased 0.25 percent after announcing that it had purchase of 100 percent of the shares of Netherlands-based Total Specific Solutions through its wholly-owned subsidiary Constellation Software Netherlands B.V.
In economic news from the U.S, the Standard & Poor's said the S&P/Case-Shiller 20-City Composite Home Price Index rose 13.6 percent in October compared to the same month a year ago. The increase reflects a modest acceleration from the 13.3 percent growth seen in September and is the strongest rate of growth since February of 2006.
Elsewhere, the People's Bank of China vowed to maintain appropriate liquidity and continue a prudent monetary policy. Following the fourth quarter monetary policy committee meeting, the PBoC reiterated that it would keep the yuan basically stable. The central bank said it will push forward interest rate and exchange rate reforms. The bank added that it will bring about the reasonable growth in credit and social financing.
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