Canada Stocks Close Up; Notch up 6-year Highs; Energy Drives Gains
Canada stocks made it eight successive days of gains and hit fresh 6 year highs Tuesday. The TSX is up near 10% in 2014, to date.
Among sectors, Energy along with Metals and Mining were the biggest winners while Health Care capped gains.
Of commodities, gold prices ended the U.S. regular session firmer and struck a two-week high on some short covering and some technical buying. Palladium reached three-year highs as strike talks in South Africa broke down. Meanwhile, Bloomberg reported that OPEC nations representing 85% of the group's output said they were at ease with supply and demand in global oil markets before a meeting in Vienna tomorrow to decide a collective production limit.
In company news, U.S. drugmaker Allergan Inc ( AGN ) rejected a sweetened US$53 billion takeover offer from Canada's Valeant Pharmaceuticals (VRX.TO, VRX) and activist investor William Ackman.