Markets

Canada Stocks Close Up 70 Points; Uranium One, Bombardier Active Gainers

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Canada's main stock market, the Toronto Stock Exchange, closed up 70 points on Wednesday, but little changed from mid-morning. It got off to a bright start on hopes that U.S. budget talks would soon be completed. But as progress in talks to avoid a fiscal crisis appeared to stall from late morning, so too did gains for stocks.

President Barack Obama accused Republicans of digging in their heels due to a personal grudge against him, while a Republican leader called the president "irrational", Reuters reported.

Among individual stocks, Uranium One (UUU.TO) was again a big contributor to gains, closing up another 7% with more than 16.2 million shares traded - making it the most active stock again - on positive sentiment after a pro Nuclear energy government won recent elections in Japan.

Another gainer on heavy trade - albeit it only rose by 2 cents - was Bombardier Inc (BBD-B.TO), which said on Wednesday that an airline, which is based in the Americas, has signed a Letter of Intent to acquire 12 CS100 airliners with options on an additional 18. At this time the airline has requested to remain undisclosed. Based on the list price of the CS100 airliner, a firm-order contract would be valued at approximately US$870 million and could increase to US$2.08 billion should the 18 options also be converted to firm orders.

Gold futures finished lower Wednesday to tally a two-session decline as Washington continued to work on a compromise to avoid tax and spending measures set to kick in next month, MarketWatch reported. February gold settled at US$1,667.70 an ounce on the Comex division of the New York Mercantile Exchange, down $3.

Crude oil futures settled higher Wednesday, scoring four sessions of gains in a row, as traders mulled the latest data on U.S. petroleum supplies and developments linked to discussions to avoid the U.S. fiscal cliff, MarketWatch reported. January crude oil rose 1.8% to settle at US$89.51 a barrel on the New York Mercantile Exchange. The January contract expired at the Nymex close.

February oil, the new front-month contract, ended at $89.98 a barrel, up $1.58.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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