TSX Closes Up Near 60 Pts On Canada CPI, Reports of German Approval For ECB

By Midnight Trader,  August 17, 2012, 04:02:41 PM EDT

Canada's main stock market extended gains Friday, a day after it breached the 12,000 level for the first time since early May, buoyed by domestic and European economic news. It closed up nearly 60 points at day highs.

On the home front, the relative health of the Canadian economy was highlighted as Statistics Canada revealed early today the consumer price index advanced 1.3% in July from a year ago, versus a 1.5% gain the prior month. The core rate, which excludes eight volatile products, increased 1.7% after a June gain of 2%. Economists surveyed by Bloomberg forecast that the total rate would be 1.5% and core 2%.

Elsewhere, German Chancellor Angela Merkel was reported as being supportive of European Central Bank intervention to calm the euro zone's debt woes.

Looking to next week, gold is seen going higher but likely to hold in its current range, with market watchers suggesting it might try to test the upper end of the band, according to Kitco news.

It said prices were mixed Friday and for the week. The most-active October platinum contract on the New York Mercantile Exchange settled at US$1,473.10 an ounce, up 5.2% on the week. The most-active December gold contract on the Comex division of the Nymex settled lower Friday, at $1,619.40, down 0.21% on the week. September silver settled lower on Friday, at $28.002 an ounce, also down 0.21% on the week.




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.


This article appears in: Investing, Commodities

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