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Canada Stocks Stage Late Rally To Close Slightly Higher; Focus On Uranium One, Denison Mines and Cameco

Canada's main stock market, the Toronto Stock Exchange, finally made it in to positive territory for the first time all day in the final minutes of Tuesday's session, completing a recovery that saw it open about 10 points down from the previous close and stand nearly 40 points lower after one hour of trading.

Helping buck the trend was Uranium One (UUU.TO), which gained 8% today with 21.5 million shares traded - making it easily the most active stock on the TSX -amid positive sentiment for the uranium industry on some expectations that demand from major energy consumers China and Japan will rise in 2013. UUU has enjoyed a strong run up in the last month after hitting a year low $1.78 in early December. Among other uranium-related stocks, Denison Mines (DML) gained 3% today but Cameco Corp (CCO.TO) fell nearly 1%.

Oil futures settled little changed Tuesday, holding above US$93 a barrel for a third session in a row ahead of the latest data on U.S. petroleum inventories, MarketWatch reported. The market also mulled the potential supply impact from the upcoming completion of a U.S. pipeline expansion. February crude oil fell 4 cents to settle at S$93.15 a barrel on the New York Mercantile Exchange.

Gold futures settled higher Tuesday, rebounding from a three-session drop amid some signs of strong demand in China ahead of the Lunar New Year holiday, MarketWatch reported. February gold settled at US$1,662.20 an ounce on the Comex division of the New York Mercantile Exchange, up 1%. Prices had tallied a three-session loss of 2.5%.

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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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