Markets

Canada Stocks Finish Higher On Late, Late Rally; Bombardier Most Active Gainer, TransCanada Hits Record Highs

Canada's main stock market, the Toronto Stock Exchange, completed a near 40 points turn around over the final hour to go from being 20 points lower to 17 points higher at the bell.

The market appeared to lack much direction. Maybe investors and traders are waiting to see what the U.S. and Canadian earnings seasons bring with them after Alcoa yesterday in the U.S. and Shaw Communications (SJR-B.TO) at home earlier today got matters off to a promising enough start.

Bombardier (BBD-B.TO) was again most active with more than 10 million shares traded. It closed up 4 cents at $3.90 but off a day high $3.95 after announcing that it delivered 233 aircraft during the 2012 calendar year, compared to 245 aircraft deliveries in the previous fiscal year, the 11-month period ended December 31, 201. The company also received orders for 481 aircraft, net of cancellations, compared to 249 orders, net of cancellations, for the previous fiscal year.

Uranium One (UUU.TO) was next most active. It fell around 1.5% having enjoyed strong gains of late.

Elsewhere, TransCanada (TRP.TO) shares rose more than 2% to record highs after the country's largest pipeline operator announced plans to construct a C$5 billion line for Progress Energy Canada (PRQ.TO) in British Columbia.

Crude oil prices settled modestly lower Wednesday after a report showed a strong increase in U.S. petroleum inventories. February crude oil fell 5 cents to settle at US$93.10 a barrel. Oil prices have been little changed of late, today marked the fifth consecutive session with moves of 20 cents a barrel or less.

Gold futures declined Wednesday amid a stronger U.S. dollar and a recovery in U.S. stocks. February gold fell US$6.70 to settle at $1,655.50 an ounce.

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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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