TSX Closes Up 50 Pts Thanks To Healthcare and Industrial Stocks

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Canada's main stock market, the Toronto Stock Exchange, closed up nearly 50 points, but around 20 points below early highs Tuesday, buoyed by buying in Healthcare and Industrial stocks but with gains capped on selling of Metals & Mining issues.

Although the Energy sector closed up, recent data showing weaker than expected April industrial output and retail sales in China has again cast a cloud over the economic recovery in that country - which, in turn, has again damped hopes for increased demand for Canadian commodities. Gold and oil futures were down.

Among Healthcare stocks, Extendicare (EXE.TO) was up 3.5% as traders and investors continue to digest the details from last week of its plan to split its U.S. and Canadian businesses into separate companies, its first quarter results and some senior management changes. Pharmacy benefits manager Catamaran Corp (CCT.TO, CTRX) was also up 3.5% while drug-maker Valeant Pharmaceuticals International Inc (VRX.TO, VRX) gained 2% and hit new 52 week highs.

Industrial stocks posted strong gains, largely due to a 4.5% rise and new 52 week high for Canadian Pacific Railway Ltd (CP.TO, CP) and a 1.5% move higher for rival Canadian National Railway Co (CNR.TO, CNI).

Gold futures finished lower for the fourth straight session as a climbing greenback and a rally in U.S. equities dampened the metal's appeal. June gold finished down 0.7% at US$1,424.50 an ounce on the Comex, its lowest settlement since April 24th.

Oil closed with a 1% loss at US$94.21 a barrel. Crude-oil futures were under pressure after the International Energy Agency said the oil market is undergoing a positive supply shock due to skyrocketing production in North America. The IEA expects non-OPEC production will rise by 1.1 million barrels a day, reducing the amount of oil needed from OPEC to meet demand.



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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