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Canada Stocks Close Higher; Driven By Healthcare and Energy; Weak Trade Data Caps Gains

By: MT Newswires
Posted: 1/7/2014 4:04:00 PM
Referenced Stocks:

Canadian stocks closed higher on Tuesday snapping a 3-day losing streak, most sectors were higher led by healthcare. Stocks followed US equities higher, which were buoyed by stronger than expected economic data.

The Canadian dollar slumped to a 3.5-year low on the back of weaker than expected Canadian trade data. Canada's merchandise imports edged up 0.1% while exports were unchanged in November. As a result, Canada's trade deficit with the world went from $908 million in October to $940 million in November, Statistics Canada said Tuesday.

The deficit in November was significantly wider than most economists had expected. Statistics Canada had previously reported a small surplus for October. The US traded data showed a deficit dropped almost 13% to $34.3 billion. Exports increased by nearly 1% but still stand at a new record high. Imports fell 1.4%; which partly reflect a decline in oil imports, which fell to a 3-year low.

Baja Mining Corp. (BAJ.TO) was the most active share on the TSX with no fresh specific stock news driving volume. The stock closed unchanged with 8.3 million shares changing hands.