TSX Surges Late To Complete Near U-Shaped Recovery

By Midnight Trader,  May 31, 2012, 04:00:10 PM EDT

Canada's main stock market completed something of a U-shaped recovery over the final hour in closing around 80 points higher, taking it back within 10 points of a day high level 11,518.44 struck in the early minutes of Thursday's session and around 150 points above a day low 11,361.37 hit mid morning.

The late rally for stocks mirrored the fact that late in the day oil capped its biggest monthly fall in more than three years in New York on concerns that slowing U.S. economic growth and Europe's debt crisis will cut fuel demand.

All but two - energy and metals & mining - of the eight sub-sectors gained.

Stocks in the news included CIBC (CM.TO) which rose 2.5% and National Bank (NA.TO) which advanced 0.7% on their respective Q2 results.

Heavily traded CGI Group (GIB-A.TO) gained 14% and hit a new year high $25.03 with 6.6 million shares traded after announcing a $3 billion acquisition.




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

Referenced Stocks:



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