Canadian stocks climb as mining shares rebound

13:03, June 03, 2010      

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Canadian stocks climbed as mining shares rebounded on Wednesday. The S&P/TSX Composite Index closed 208.70 points, or 1.80 percent, higher at 11,780.67.

All the sectors on the Toronto Stock Exchange (TSX) registered gains with the index measuring the diversified metals & mining sector rising 4.20 percent and the index measuring the energy sector climbing 3.16 percent.

Equinox Minerals Ltd. advanced 8.89 percent. Teck Resources Ltd. , Canada's largest base metals producer, rallied 6.47 percent. HudBay Minerals Inc. increased 5.85 percent.

Crude oil for August delivery rose 1.23 percent to 73.47 U.S. dollars a barrel. Energy stocks on the TSX climbed along. Oil is Canada's largest export.

EnCana Corp., Canada's largest natural gas producer, gained 5. 34 percent. Canadian Natural Resources Ltd., the country's second largest energy producer by market value, advanced 4.35 percent. Suncor Energy Inc., Canada's largest energy producer, rallied 4.01 percent.

Train and airplane maker Bombardier Inc. rose 4.77 percent after its quarterly profit topped most analysts' estimates.

Data released on Wednesday showed that the U.S. National Association of Realtors' monthly index of pending home resales rose six percent, topping most forecasts.

On the contrary, the Canadian Real Estate Association lowered its forecast for domestic housing sales this year and next year on Wednesday, saying sales will likely increase by only 5.5 percent this year instead of the 13 percent it had predicted in February. The association now anticipates home sales will fall by 8.5 percent in 2011, and prices will fall in tandem.

On the currency front, the Canadian dollar strengthened against its U.S. counterpart on Wednesday.

One U.S. dollar was buying 1.0382 Canadian dollars at 5 p.m. local time (2100 GMT) on Wednesday, compared with one U.S. dollar buying 1.0551 Canadian dollars on Tuesday.



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