UPDATE: Canada Stocks At Session Highs, Adding To This Week's Gains; Financials, Telecom Sectors Pacing Advance
Canadian stocks are trading higher again today, with the S&P/TSX Composite Index holding near its highs for the session, advancing more than 60 points, or 0.5%, to around 12,550. This takes its gains this week already to more than 200 points as the market makes up for some heavy selling in recent weeks that saw it lose all of its 2013 gains. Today, the market, especially some energy stocks, has been buoyed by economic data out of China, which raised the prospect of renewed buying of Canada commodities.
Most industry sectors are posting gains, including a 1.5% rise for shares of financial companies as a group. The Telecom sector is up about 1% today, led by a 15% rise on the TSX for shares of DragonWave Inc (DWI.TO, DRWI) after it renewed a framework deal with Nokia and Siemens to supply packet microwave and related products.
Mining and materials companies again are keeping a lid on the broader market despite the news out of China - but they are recovering some earlier losses. Movement in the sector includes a nearly 7% slump and new year low for Barrick Gold (ABX.TO, ABX) after a Chilean court suspended the company's Pascua-Lama project in response to indigenous communities worries over possible environmental damage.
In other individual company news, Agrium Inc. (AGU.TO,AGU) is down about 1% after shareholders turned back a bid by U.S. hedge fund Jana Partners LLC to install a slate of its board candidates.
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