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TSX Closes Up 34 Points, But Well Off Day Highs On Mixed Commodities; Surge Energy Gives Mkt A Charge

Posted
5/16/2013 4:03:00 PM
By: MT Newswires
Referenced Stocks:

Canada's main stock market, the Toronto Stock Exchange, closed up 34 points, but around 55 points off day highs hit late morning - reflecting mixed fortunes for oil and gold futures.

Boosting the TSX was easily most actively traded Surge Energy (SGY.TO) which gained more than 8% with near 16 million shares traded although there was no apparent fresh stock specific news around. Seven of the 10 most traded stocks ended higher. Sectors were mixed.

Oil futures surprisingly ended higher today, adding over 1% to finish just above US$95 a barrel. The move surprised analysts, after today's disappointing economic data, oil would have been expected to move lower, which it did, initially, but regrouped as the session went on.

Gold futures closed down 0.7% today at US$1,386.90 an ounce on the Comex as weak economic data and a pullback in the dollar failed to support the metal. While such data points should cause gold prices to ascend, analysts attributed the relative strength in equities as reason for the metal's decline as investors chose to purchase equities, over gold.