TSX Closes Up 105 Points Ahead of Long Weekend In Canada

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Canada's main stock market, the Toronto Stock Exchange, closed up 105 points or near 1% - albeit 20 points off session highs after some late profit taking ahead of the long holiday weekend in Canada. Monday is Victoria Day here. The market was charged all day by higher oil prices and buying in energy stocks like Surge Energy (SGY.TO) and Suncor (SU.TO).

Reflecting that, all sectors were up, but the Energy sector was up the most in percentage terms. Easily most actively traded was Southern Pacific Resource Corp (STP.TO), which was up more than 20% with more than 12 million shares traded although there is no fresh stock specific news around. It posted results May 10.

Mining stocks were modestly higher, held back on weaker gold and silver prices.

Among individual companies, Copper Mountain Mining Corp. (CUM.TO) was down 9.5% and hit year lows on news of a SAG Mill motor transformer failure at Copper Mountain Mine. An analyst with Dundee Securities has cut the stock's rating.

StatisticsCanada today said the Consumer Price Index rose 0.4% during the 12 months through April, following a 1.0% increase in March. Declining gasoline prices were largely responsible for the 0.6 percentage point difference in the 12-month change in the CPI. Price decreases for the purchase of passenger vehicles also were a factor.

Oil futures were boosted by the strong economic data and rose $0.86 to settle at $96.02 a barrel on the New York Mercantile Exchange.

Gold futures ended down US$22.20 at $1,364.70 an ounce today, with futures posting their seventh consecutive loss, the longest slide in four years. Sending futures lower was a higher greenback, which was boosted by the speculation that the Federal Reserve may soon rein in monetary easing. Gold, a dollar dominated commodity, tends to move inversely to the U.S. dollar because as the dollar rises it makes purchases of gold more expensive for holders of international currency.

Other precious metals, including silver platinum were lower. Palladium, meanwhile, was barely positive, boosted by data that showed a surprise rise in auto registrations in Europe. Palladium is used in the automotive sector in catalytic converters.



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.

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This article appears in: Investing , Commodities

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