Markets

Canada Stocks Rise 75 Pts, But Were Up Near Double That Early Afternoon; Energy and Mining Stocks Up on Commodity Prices

Canada's main stock market, the Toronto Stock Exchange, closed up near 75 points or 0.5% near 15,100, but that was around 60 points below session highs hit early afternoon. The resources heavy index was led higher by the Energy and Mining sectors, both of which gained 2%, boosted by higher commodity prices.

Selling in the Industrials and Healthcare sectors respectively capped gains.

Of commodities, oil futures rebounded near 6% to one month high levels as the Saudis lifted their discounted prices for Asia buyers and fears eased that Iran - buoyed by a preliminary nuclear deal - might flood the global market with crude in the near term. Among other commodities, gold futures gained near 1.5% as soft U.S. jobs data released last Friday weighed on the greenback.

In local data, the Bank of Canada's 'Business Outlook Survey' didn't contain any real surprises today. It supported the Central Bank's more recent decision to stay pat on rates, and adopt a wait-and-see approach on the outlook for interest rates. Certainly, the rebound in crude oil prices improves the domestic outlook and lessens the need for any more rate moves in the near term anyway.

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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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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