TSX Gains 25 Pts As Earnings Season Swings In To Action


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Canada's main stock market, the Toronto Stock Exchange, closed up 25 points but around 30 points off day highs Monday, buoyed by higher oil and gold prices.

More gains could have been made but Eastern Platinum (ELR.TO) fell more than 20% to a new year low of 8 cents with a massive 58 million shares traded. The company last week reported that it had suspended funding for the Crocodile River Mine "Development Plan" previously announced on June 12, 2012 because of the negative global outlook.

The market was awaiting earnings results after market close from Rogers Communications Inc. (RCI-B.TO). Analysts expected earnings of around 76 or 77 cents compared to 67 cents a year earlier. Revenue growth of 3% was seen.

CN Rail (CNR.TO) was supposed to release its financial and operating results for the first quarter ended March 31, 2013, after market close too - but the results were reportedly posted on its website early. Q1 2013 adjusted diluted earnings per share were $1.22, an increase of 3% over adjusted diluted EPS of $1.18 for the same period of 2012 but at the low end of expectations.

With commodities, oil added 0.90% in today's session to close at US$88.80 a barrel. At market close, June became the front-month contract, following the expiration of the May contract. Gold futures added 1.8% today to finish at US$1,421.20 an ounce on the Comex division of the New York Mercantile Exchange on strong physical demand after the metal's recent slide attracted buyers back to the market.

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

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This article appears in: Investing , Commodities

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