Canada's main stock market, the Toronto Stock Exchange, closed up 20 points after a pretty eventful Tuesday. It overcame the loss of early gains that saw it hit its highest levels since August 2011 and then drop to negative territory late morning. From there it engineered a strong second half to the session and went close to again reaching 19 month highs inside the last hour. But the swings continued, and the index lost a dozen points before the end.
Overall, the index was helped by higher oil and gold prices and by a particularly strong showing by one player in each of the Energy and Mining sectors - they being TORC Oil and Gas (TOG.TO) and B2Gold Corp (BTO.TO).
TORC gained nearly 11% with more than 31 million shares traded after it announced its financial and operating results for the three month periods and years ending December 31, 2011 and 2012, and provided its 2012 year-end reserves information. TORC completed the acquisition of Vero Energy Inc. effective November 19, 2012 and all figures are pro forma Vero as of that date.
Cash flow totaled $4.2 million in the fourth quarter and $13.4 million for 2012; Cash flow per share was $0.03 per share in the fourth quarter and $0.11 per share for 2012.
B2Gold Corp. - which rose 6% with more than 11.5 milllion shares traded - and CGA Mining Limited completed their merger late January.
MarketWatch reported: "Oil futures rose Tuesday, extending their climb to a fourth straight session, with traders optimistic over the outlook for energy demand." It said: "April crude tacked on 48 cents, or 0.5%, to settle at $92.54 a barrel on the New York Mercantile Exchange. That was the highest settlement since Feb. 27, according to FactSet."
MarketWatch also reported: "Gold futures finished higher Tuesday, briefly touching $1,600 an ounce, with analysts attributing the gains to short covering." It said: "April gold rose $13.70, or 0.9%, to settle at $1,591.70 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest settlement since Feb. 27, according to FactSet."
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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.
