Canadian stocks fluctuate with oil prices

08:38, June 04, 2010      

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Canadian stocks fluctuated as oil prices see-sawed. The S&P/TSX Composite Index closed 31.21 points, or 0.26 percent, higher at 11,811.87 on Thursday.

Nine out of twelve sectors on the Toronto Stock Exchange registered gains with the index measuring the energy sector rising 1.76 percent. The index measuring the diversified metals & mining sector lost 1.42 percent, the index measuring the materials sector slipped 1.43 percent. The gains and losses of all the other sectors were less than one percent.

Crude oil for July delivery added 2.37 percent to 74.59 U.S. dollars a barrel on Thursday. Athabasca Oil Sands Corp. advanced 4. 85 percent. Canadian Natural Resources Limited rallied 2.94 percent. EnCana Corp. gained 3.07 percent.

Gold futures declined 1.27 percent to 1,207.10 U.S. dollars an ounce. Barrick Gold Corp., the world's largest bullion producer reduced 1.63 percent.

Quadra FNX Mining Ltd. dropped 5.30 percent. HudBay Minerals Inc. decreased 3.69 percent. Teck Resources Ltd., Canada's largest base metals producer, tumbled 2.61 percent.

WestJet Airlines Ltd. climbed three percent after the company announced its traffic in May increased 18.9 percent since last year.

Canadian clothing retailer Lululemon Athletica Inc. surged 6.07 percent following gains by retail stocks in U.S. markets.

The U.S. Energy Department reported an unexpected drop in crude inventories and a smaller-than-forecast gain in natural-gas supplies on Thursday.

One the currency front, the Canadian dollar weakened against its U.S. counterpart on Thursday.

One U.S. dollar was purchasing 1.0401 Canadian dollars at 5 p.m. local time (2100 GMT) on Thursday, compared with one U.S. dollar buying 1.0382 Canadian dollars on Wednesday.



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