Canada Stocks Close Higher; Soft US Payrolls Lift Stocks; Canada Lithium Corp. Most Active
Canadian stocks closed higher on Tuesday up 62 points to a new 2-year high. Most sectors were higher led by Metals and Mining, while Energy generated headwinds for the broader market.
Stocks received a boost on Tuesday after the US Department of Labor released September's Non-farm Payroll report three weeks late due to the government shutdown. The BLS reported that payrolls increased by 148K jobs compared to the 180K expected by economists. The softer than expected numbers gave a boost to stocks as the idea of tapering the Feds bond purchase program was kicked further into 2014.
Canada Lithium Corp. (CLQ.TO) was the most active share closing down 4.2% with 9 million shares changing hands. The company this morning reported that it has entered into an agreement with Dundee Securities Ltd. to purchase on a "bought deal" basis by way of short form prospectus, 5,210,000 flow-through common shares of the company and 25,000,000 units of the company at a price per Flow-Through Share of $0.48 for gross proceeds of $2,500,800 and a price per unit of $0.40 for gross proceeds of $10,000,000.