TSX Closes Up 120 Pts, Led By Miners

By MidnightTrader.com Staff,

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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 recovering.

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 ( EIA ) crude supplies data showed a smaller climb in inventories than yesterday's report by the American Petroleum Institute ( API ). 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: API , EIA

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