Canadian stocks extend gains as concern over Europe eases

11:16, May 13, 2010      

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The Canadian stocks extended gains on the basis of the past two days' advances as investors' concern over the European debt crisis eased on Wednesday. The S&P/TSX Composite Index closed 195.36 points or 1.63 percent higher at 12, 195.97.

All the sectors on the Toronto Stock Exchange (TSX) were in green with the index measuring the information technology sector rising 2.89 percent. The S&P/TSX Capped Industrials Index added 2. 68 percent. The S&P/TSX Capped Diversified Metals & Mining Index increased 2.60 percent.

Gold for June delivery gained 1.55 percent to 1,239.20 U.S. dollars an ounce on the New York Mercantile Exchange on Wednesday. Kinross Gold Corp. jumped 2.61 percent.

The index measuring the financials sector rose 1.94 percent. Stocks of the six largest banks all rallied more than 1.5 percent.

Talisman Energy Inc., an oil and gas producer with operations in North America, the North Sea and Indonesia, advanced 4.38 percent after saying it may reduce capital spending.

Potash Corp. of Saskatchewan Inc., Canada's largest fertilizer producer, rallied 3.04 percent on an analyst upgrade.

Statistics Canada said on Wednesday that the New Housing Price Index rose 0.3 percent in March, following a 0.1-percent increase in February. The index has been rising since July 2009.

Data released by Statistics Canada on Wednesday also showed that the country's trade surplus in March narrowed sharply as imports outpaced exports on the strength of precious metals.

The European Union said on Wednesday that gross domestic product of the 16-nation eurozone grew by 0.2 percent on-quarter and 0.5 percent on-year, both more robust than economists' forecasts.

On the currency front, the Canadian dollar rose for a fourth day against its U.S. counterpart on Wednesday.

One U.S. dollar was buying 1.0192 Canadian dollars at 5 p.m. local time (2100 GMT) on Wednesday, compared to one U.S. dollar purchasing 1.0218 Canadian dollars on Tuesday.

Source:Xinhua

(Editor:黄蓓蓓)

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