Canadian benchmark equity index register a weekly gain

10:25, July 16, 2011      

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Canadian stocks rose on Friday. The S&P/TSX Composite Index closed up 46.62 points, or 0.35 percent, at 13,299.54. For the week, the benchmark equity index gained 0.54 percent.

The index measuring the energy sector on the Toronto Stock Exchange (TSX) added 1.36 percent. Talisman Energy Inc. climbed 3. 10 percent. EnCana Corp. advanced 2.26 percent.

The index measuring the diversified metals and mining sector on the TSX gained 1.55 percent. Northgate Minerals Corp. surged 5.56 percent. Primero Mining Corp. rallied 4.48 percent.

On the loss, Bombardier Inc. declined 1.24 percent. Volta Resources Inc. tumbled 6.40 percent.

The S&P/TSX Venture Composite Index closed up 16.43 points, or 0.83 percent, at 2,007.38.

On corporate news, Canadian Imperial Bank of Commerce said it will acquire a 41 percent equity interest in American Century Investments for 848 million U.S. dollars. Kansas City-based American Century is a major U.S. asset management company with 112 billion U.S. dollars under management.

On the economic front, data released by Statistics Canada showed that manufacturing sales in the country fell by 0.8 percent in May from April, much worse than expected, with the auto industry not bouncing back yet from an April tumble.

On the currency front, the Canadian dollar appreciated against its U.S. counterpart.

One U.S. dollar was buying 0. 9530 Canadian dollars at 5 p.m. local time (2200 GMT) on Friday, compared with one U.S. dollar purchasing 0.9602 Canadian dollars on Thursday.

Source: Xinhua
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