Markets

Canada Stocks Hit Record Intra-Day Highs; All Sectors Notch Up Gains

Canada's main stock exchange, the Toronto Stock Exchange, on Monday posted a new record intra-day high of 15075.70, and although it closed around 35 points off that, it still gained nearly 40 points on the day buoyed by across the board buying. Energy stocks - as they have been in recent days - were again a contributor amid supply concerns stemming from talk Iraq - reeling from renewed violence and the prospect of civil war - will lift oil prices .

According to Bloomberg, brent crude was already projected by Wall Street analysts to average as much as US$116 a barrel by the end of the year. But now, with violence escalating in Iraq, it says how far the price will rise has become anyone's guess.

In economic news, Reuters cited the Department of Finance as saying that private-sector economists expect Canada's economy to grow by 2.2% in 2014 and 2.5% in 2015, down slightly from their previous forecasts. But, on a more positive note, Finance Minister Joe Oliver also reportedly said economists are not too concerned about the risk of low inflation, a view that - Reuters notes - differs from comments by Bank of Canada Governor Stephen Poloz last week that low inflation remains a risk to the economy.

In other mixed news for Canada, the Canadian Real Estate Association said Monday that home sales rose 5.9% in May from April. Also, Statistics Canada said foreign buying of Canadian securities totaled a net $10.1 billion in April, rebounding from net sales of $1.41 billion in March. But, against that, the Bloomberg Nanos Confidence Index hit 58.7 for the week ended June 13, down from 59.5 the previous week to the lowest since the first week of April.

Among sectors, Health Care was the leader, but all sectors were higher on the session.

Of commodities, gold closed just slightly higher having touched three week highs on safe haven buying amid geopolitical concerns not just in Iraq, but in the Ukraine too.

Elsewhere, Bloomberg reported Monday afternoon that copper futures rose for the second straight session on signs that demand will pick up as economies gain in China, the world's top consumer of industrial metals, and the U.S., the second-biggest.

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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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