Canadian stocks gain for a second day as gold prices climb

08:37, May 12, 2010      

Email | Print | Subscribe | Comments | Forum 

Canadian stocks gained moderately as gold prices climbed over returning world growth concern after the excitement about the European loan package waned. The S&P/TSX Composite Index closed 52.71 points, or 0.44 percent, higher at 12000.61 on Tuesday.

Eight sectors on the Toronto Stock Exchange (TSX) increased with the index measuring the materials sector rising 2.23 percent.

Gold stocks on the TSX charged higher as Gold for June delivery climbed 2.56 percent to 1,231.60 U.S. dollars an ounce on the New York Mercantile Exchange on Tuesday. Iamgold Corp. rallied 9.58 percent. Kinross Gold Corp. jumped 7.34 percent. Yamana Gold Inc. added 6.47 percent. Goldcorp Inc. surged 5.85 percent. Barrick Gold Corp. increased 4.27 percent.

The index measuring the diversified metals & mining sector on the TSX slipped 4.60 percent. Teck Resources Ltd., Canada's largest base-metals producer, lost 7.77 percent. First Quantum Minerals Ltd. shrank 4.70 percent.

Crude oil for June delivery retreated 1.18 percent to 75.89 U.S. dollars a barrel. Suncor Energy Inc., Canada's largest oil and gas producer, reduced 2.14 percent.

Ivanhoe Mines Ltd., which is developing a copper and gold mine in Mongolia with Rio Tinto Group, slumped 6.4 percent after providing an update on the project.

Chinese consumer prices rose 2.8 percent in April from a year earlier, with property prices jumping 12.8 percent, according to data released by the country's statistics bureau on Tuesday. Investors anticipate that China will further tighten its monetary policy.

The People's Bank of China has ordered lenders to set aside more deposits as reserves three times this year in an attempt to prevent its economy from overheating.

China is Canada's second largest trade partner after the United States.

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

One U.S. dollar was buying 1.0218 Canadian dollars at 5pm local time (2100 GMT) on Tuesday, compared to one U.S. dollar purchasing 1.0231 Canadian dollars on Monday.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion