Canadian stocks gain for a second day as gold prices climb

08:37, May 12, 2010      

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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.

Source:Xinhua

(Editor:黄蓓蓓)

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