Markets

Canada Stocks Hit Nine Month Highs; Uranium One, Bombardier Most Active

Canada's main stock market, the Toronto Stock Exchange, opened around 140 points higher than the previous close on news a U.S. fiscal deal had been reached. While it didn't manage to hold on to all of these gains during Wednesday's first full session of 2013, it did post nine month highs and still finished the day more than 100 points higher.

All sectors were higher, led by Metals & Mining, which was up 3.5%.

Two of the most actively traded stocks from the pre-Christmas period were again the most active today. Uranium One (UUU.TO) appears to be still buoyed by news that a pro-nuclear energy party won the recent Japan election. Bombardier (BBD-B.TO) flew more than 2% higher. Both saw nearly 8 million shares traded.

Oil settled higher Wednesday following a relief rally as Washington lawmakers passed measures to avoid automatic tax hikes and spending cuts meant to kick in with the new year, MarketWatch reported. Crude oil for February delivery rose US$1.30 to settle at $93.12 a barrel on the New York Mercantile Exchange. Gasoline and heating oil futures also settled higher with 1.2% and 0.5% gains, respectively.

Gold futures settled higher Wednesday after Washington leaders passed measures to avoid automatic tax hikes and spending cuts set to kick in with the new year, MarketWatch reported. Gold for February delivery settled up US$13 at $1,688.80 an ounce on the New York Mercantile Exchange. Other metals finished higher with platinum for April delivery up 1.7% at $1,568.00 an ounce, and palladium for March delivery up 0.7% at $707.95 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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