By RTT News, October 21, 2013, 11:08:00 AM EDT
(RTTNews.com) - Canadian stocks were extending gains for a fifth straight session Monday morning amid speculation the U.S. Federal Reserve will delay its stimulus tapering until March next year. However, cautiousness ahead of the highly-anticipated U.S. non farm-payrolls report due on Tuesday weighed on trader sentiment, capping big gains.
The Asian markets ended mostly higher overnight, with Chinese shares pacing the gainers after the Chinese Cabinet urged the local governments and state departments to implement the planned economic reforms and restructuring measures to help the economy recover from the recent lull. Meanwhile, European shares were ticking lower ahead of this week's macroeconomic data.
The S&P/TSX Composite Index added 28.73 points or 0.22 percent to 13,164.83, after adding nearly 250 points or 2 percent in the past four straight-sessions.
The price of gold was little changed Monday morning with the US dollar trading steady versus a basket of currencies, after recent losses. Gold for December edged up $2.80 to $1,317.40 an ounce.
Among gold stocks, Royal Gold (RGL.TO), Goldcorp. (G.TO) and Seabridge Gold (SEA.TO) rose around 2 percent each, while Detour Gold (DGC.TO) surged close to 4 percent.
Latest data from the EIA revealed that US crude oil inventories gained 4.0 million barrels, while gasoline stocks shed 2.60 million barrels in the weekended October 11. Analysts expected crude oil inventories to gain 2.75 million barrels last week. The figures are delayed because of the government shutdown.
Crude for December delivery shed $0.83 to $100.28 a barrel.
In the oil patch, Imperial Oil (IMO.TO) and Crescent Point Energy (CPG.TO) were up around 2 percent each.
Food products company Maple Leaf Foods Inc. (MFI.TO) surged over 10 percent after announcing that it is exploring strategic alternatives for its Bakery business, including a potential sale of the Company's 90 percent ownership interest in Canada Bread Company, Ltd.
Financial services provider Royal Bank (RY.TO) announced Monday that it plans to repurchase for cancellation up to 30 million of its common shares, representing approximately 2.1 per cent of the bank's outstanding common shares as at September 30, 2013. The stock was up nearly 1 percent.
Print and digital media company Yellow Media (Y.TO) has named Julien Billot as its President and Chief executive, effective January 1, 2014, replacing Marc Tellier who left the firm in August. The stock eased 0.35 percent.
In economic news Statistics Canada said wholesale sales rose 0.5 percent to $49.8 billion in August, recording its fourth increase in five months, with the motor vehicle industry leading the contributor to the gain in August. In volume terms, wholesale sales were up 0.3 percent.
From the U.S., the National Association of Realtors said existing home sales fell 1.9 percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August. Economists had been expecting existing home sales to drop to an annual rate of 5.30 million from the 5.48 million originally reported for the previous month
From the euro zone, Germany's producer prices declined for the second consecutive month in September, a report released by Destatis showed. Producer prices dropped 0.5 percent each on a yearly basis in September and August. The September decline exceeded the consensus of 0.7 percent fall.
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