TSX Up Around 55 Pts on Higher Commodity Futures; Eastern Platinum Shines
The TSX is up around 55 points with around 2 hours of trading left in the day, boosted by higher commodity prices. Brent crude, gold, copper and silver futures are all higher and this is reflected in many stocks as the TSX is weighted heavily toward commodities.
Eastern Platinum Ltd. (ELR.TO) is benefitting from the rise in commodities more than any other stock. It is up 7 cents, but off a day high $1.69 (leaving it shy of a year high $1.72) as Bloomberg reported platinum futures for January delivery gained US$25.40, or 1.5%, to US$1,700.50 an ounce. Before today, the price advanced 14% this year. Close to 13.9 million shares have changed hands making it the most active on the TSX.
Platinum is used to make jewelry and pollution-control devices in cars.
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