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
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
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
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
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.
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