Canada Stocks Shoot Slightly Below Par In Friday's Round of Trading; Cline Mining Bucks The Trend
Canada's main stock market, the Toronto Stock Exchange, lost early gains that saw it open 30 points higher than the previous close and then quickly add 20 more points to firm its position at near 18 month highs. But lower commodity prices and some profit taking after recent strong gains soon proved too heavy.
By 10am ET the index was on its way down and within an hour of that was in negative territory and hitting session lows. While it made a few bids to get back to positive turf over the remainder of the day, it seemed to find most support just below par - and, sure enough, that is where it finished up.
However, bucking the trend was Cline Mining (CMK.TO), which was easily the most active stock with around 17 million shares traded and gaining 12.5%. Earlier this week the company announcesd that it has retained GMP Securities L.P. as its exclusive financial advisor, with a mandate that includes assisting the it in exploring and evaluating strategic alternatives to the recapitalization plan with Marret Asset Management Inc.
Oil futures ended down 0.1% today at US$95.88 a barrel, taking their weekly losses to 0.2%. Oil prices fluctuated this week, responding to economic data. Adding some positive impetus, data released yesterday by the Energy Information administration showed that petroleum consumption in the U.S. climbed 3.9% in the week ended Jan. 18 to 18.6 million barrels a day.
Gold futures settled lower on Friday, losing 0.8% to settle at US$1,656.60 an ounce. The metal lost 1.8% this week, due to a reduced safe haven demand as economic data released from the U.S. pointed toward improving economic conditions.