TSX Closes Up More Than 70 Pts Near Session Highs; Bombardier Flies Highest
Canada's main stock market closed up more than 70 points but in the final minutes it retreated from late session high levels reached on oil prices, the release of encouraging durable goods and housing data in the United States and some bargain hunting.
Gains may have been capped with investors afraid of getting too far ahead of themselves heading into European Union summit meeting on Thursday and Friday.
Crude oil for August delivery on the New York Mercantile Exchange closed up 85 cents, or 1.1%, at $80.21 a barrel after climbing to a session high of around $80.90. Traders found some encouragement in solid U.S. economic data as well as the latest Energy Information Administration report on inventories, which saw a decline of 100,000 barrels for the week ended June 22.
Comex gold futures ended the session slightly higher on some short covering and safe haven buying.
Bombardier Inc. (BBD-B.TO) ended the day up nearly 4% at $3.99 with nearly 13 million shares traded - making it easily the most actively traded on the TSX. Yesterday, Bombardier announced that the San Francisco Bay Area Rapid Transit District confirmed an order for 150 additional Bombardier Transportation rail cars valued at approximately US$266 million. The order represents the exercise of an option under a contract signed on June 14, 2012. With this option, Bombardier now has firm orders for 410 cars with a total value of approximately US$897 million.
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