Canadian stock market ends higher
Toronto, Dec 23 (IANS) Canada’s main stock market in Toronto secured gains as resource stocks inched higher while energy stocks seesawed despite a rally in crude oil prices.
The Toronto Stock Exchange’s benchmark Standard & Poor’s/ TSX Composite Index on Tuesday added 48.48 points, or 0.37 percent, to 13,082.86 points, as the gains driven by mining shares offset the slump in financial sector, Xinhua reported.
Seven of TSX’s eight main sectors rose.
The metal & mining sector continued to lead the gainers by 4.14 percent after the latest national inflation data released by Statistics Canada on Friday indicated that the Consumer Price Index (CPI) rose 1.4 percent in the 12 months to November.
Afternoon session saw a rally after the US Commerce Department announced that the third estimate of real GDP increased at an annual rate of 2 percent in the third quarter of 2015, slightly down from the second estimate of 2.1 percent but above market expectations of 1.5 percent.
Dominion Diamond Corp surged 22.04 percent to 14.01 Canadian dollars. It said it looked forward to having an open dialogue with a group of investors led by Canadian hedge fund K2, who believe that the diamond miner’s policies have unduly hurt its share price. Oando Energy Resources recorded 268.42 percent rise.
The most influential movers in morning session on the index were Royal Bank of Canada, which fell 0.8 percent to 73.94 Canadian dollars, and Bank of Montreal which was 1.1 percent lower at 77.82 dollars. The overall financial services sector fell 0.04 percent.
On the currency beat, the Canadian dollar on Tuesday inched higher to $0.7175, up from Monday’s closing at $0.7161.