TSX Makes It Six Days of Gains In a Row; TORC Oil & Gas, RIM Most Active


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Canada's main stock market, the Toronto Stock Exchange, made it six days of gains in a row Friday in closing up around 60 points with investors and traders seemingly buoyed by recent reports out of the United States that fiscal issues there can be resolved, and reports out of Europe that Greece will receive the aid it needs for now. Reports of improving business sentiment in Germany also helped the day's mood.

However, Reuters reported European Union leaders failed to reach agreement on Friday on a new seven-year budget for their troubled bloc, calling off talks in less than two days after most countries rejected deeper spending cuts demanded by Britain and its allies.

Volumes were affected by the fact that the U.S. stock markets were closed all day Thursday and half day Friday for an extended Thanksgiving holiday.

Most actively traded was TORC Oil and Gas (TOG.TO) which lost earlier gains and closed flat with nearly 10 million shares traded. Thursday, Equedia.com and The Equedia Weekly Letter which provide research on stocks with a focus on mining and resources said it is continuing research and evaluation on the prospects of TORC Oil & Gas and Just Energy Group Inc. (JE.TO), which fell more than 2% and to within a $1 of year lows Friday.

Research In Motion (RIM.TO) was heavily traded for a second straight day. While it jumped 14% in New York trading, it lost 3% in Toronto. This follows an 18% gain in Toronto yesterday on rising optimism over the BlackBerry maker's newest smartphones. RIM's Canadian shares had their biggest gain in more than three years yesterday after National Bank Financial lifted its price target for U.S. shares to $15 from $12, saying new BlackBerry 10 sales should be better than expected. It followed a Nov. 20 report from Jefferies & Co. that said chances are improving that the new BlackBerry 10 smartphones will revive sales when they hit stores in February.

Gold futures for December delivery added US$23.20 to $1,751.40 an ounce on the Comex division of the New York Mercantile Exchange, making the most of the fact that the U.S. dollar was under some selling pressure. Crude oil for January delivery rose 90 cents to US$88.28 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 6. Futures climbed 1.9% this week, the biggest gain since the five days ended Oct. 12. Prices are down 11% this year, Bloomberg noted.

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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