Tech Stocks Leading Gains In Broad-Based Rally for Canadian Shares; On Hopes U.S. Budget Talks Will Soon Be Completed


Bar some small dips, Canadian stocks having been on a strong upward trajectory most of today and are up more than 70 points early afternoon, buoyed by hopes that the U.S. budget talks will soon be completed and by some bargain buying after some big sell-offs in recent weeks.

All sectors are higher. Technology stocks are posting the best gains, rising nearly more than 1% as a group.

The S&P/TSX Composite Index is up 73.26 points, or about 0.6%, at just above the 12,300 level.

In economic news, Canada's trade deficit with the world narrowed from $1.0 billion in September to $169 million in October, according to figures compiled by StatisticsCanada. Merchandise imports declined 1.2% while exports increased 1.0% in October.

In company news, ZaZa Energy Corp. ( ZAZA ) shares are down nearly 3% but above day lows on the NASDAQ after the oil and gas company said it has received a letter of non-objection yesterday from the French ministers of Energy and Economy & Finance approving the sale of its French assets to Vermilion Energy (VET.TO), which is trading at the high end of its 52 week range on the TSX.

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: ZAZA

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