Canada's main stock market, the Toronto Stock Exchange, closed
up 120 points or 1% Wednesday. The resources heavy index was higher
from the start - opening 15 points above the previous close - as
commodity prices rose on better than expected import and export
data overnight from China, which raised the prospect of increased
trade with China for Canada. Also German industrial output was up
more than seen in March, giving hope that the European economy is
In addition, the market here was buoyed by buying in both
Kinross (K.TO) and Iamgold (IMG.TO), both of which just beat Q1
expectations. Based on that, the Mining & Metals sector was the
biggest gainer in percentage terms. Most sectors closed higher
although Utilities was down more much of the day.
Putting a cap on gains was some selling in Bombardier
(BBD-B.TO), which had enjoyed something of a run up ahead of its
result Thursday, when onlookers will be looking for an update on
its C-Series program.
June oil finished up 1.1% at $96.62 a barrel, a five-week high,
after the U.S. Energy Information Administration's (
) crude supplies data showed a smaller climb in inventories than
yesterday's report by the American Petroleum Institute (
). According to the EIA, crude supplies rose 200,000 barrels for
the week ended Friday. Analysts polled by Platts expected a 1.9
million-barrel climb. Yesterday, the API reported a 680,000-barrel
increase. Despite the lower-than-forecast rise, crude inventories
are sitting at 395.5 million barrels, their highest level in over
30 years, according to government data.
June gold closed up 1.7%, at $1,473.70 per ounce today, boosted
by a declining greenback. Also boosting prices, according to
traders, is strong demand in Asia.
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