TORONTO: Canada’s main stock index rose on Monday, extending its recent gains as upbeat Chinese data lifted global market sentiment and higher commodity prices fueled a rally in resource stocks.
First Quantum Minerals jumped 4.7 percent at C$16.19, while Teck Resources advanced 2.1 percent at C$29.25. Ivanhoe Mines Ltd advanced 6.4 percent at C$4.81. The materials sector, home to mining and other resource companies, rose 0.5 percent.
Gold futures held above the psychological $1,3000 an ounce level, supported by ongoing geopolitical tensions and weak US economic data. Copper prices advanced 4.0 percent to $7,160 a tonne, breaking through the $7,000 a tonne mark for the first time in three years as a batch of economic data, including from top consumer China, bolstered demand sentiment.
Hudbay Minerals surged 6.4 percent at C$10.54 after Eight Capital raised its third quarter earnings per share estimates and price target.
Canadian Natural Resources was up 1.1 percent at C$41.67. The overall energy sector added 0.6 percent as US crude prices gained 1.1 percent to $52 a barrel. Oil markets rose amid fighting in Iraq’s oil-rich city of Kirkuk briefly cut some output from OPEC’s second-largest producer.
At 10:44 a.m. ET (1444 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 35.72 points, or 0.23 percent, to 15,842.89.
The index, which saw its fifth straight week of gains last week, rose as much as 15,866.82 on Monday, its strongest level since late February.
Of the index’s 10 main groups, eight were in positive territory.
Bombardier Inc stock rose 1.3 percent to C$2.36. The plane and train maker is continuing to look at strategic options for its aerospace division but no deal is imminent, people familiar with the matter told Reuters on Monday. The overall industrials group rose 0.2 percent.
The influential financials group gained 0.2 percent.
Advancing issues outnumbered declining ones on the TSX by 150 to 90, for a 1.67-to-1 ratio on the upside.
The index had 12 issues hitting new 52-week highs and one hitting a new low.
Source: Brecorder.com
