Canadian market edges up to extend all-time high

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Canada’s main stock market in Toronto finished higher for a sixth straight session to prolong its record-high on Tuesday, as gains in Health Care and Energy groups overcame losses in Utilities and Materials.

Stock market
stock market
The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite climbed 29.45 points, or 0.19 percent, to finish the session at 15,786.03 points. Five of the 10 sub-groups moved up on the day.

Health Care and Energy groups were the biggest movers on the day, advancing 1.93 percent and 0.86 percent, respectively.

Health Care was aided by Quebec-based drugmakers Valeant Pharmaceuticals Inc. and ProMetic Life Sciences. Shares rose 6.43 percent to 20.86 Canadian dollars (15.95 U.S. dollars) and 3.06 percent to 2.36 Canadian dollars (1.80 U.S. dollars).

Meanwhile, the TSX Energy group rose after crude oil rebounded after suffering its worst single-day decline in five weeks on Monday. The price for April delivery of Brent boosted 0.32 cents to 55.91 U.S. dollars a barrel. As a result, the stock price of Calgary-based energy firms Baytex Corporation Energy Corp., MEG Energy Corp., and Encana Corporation saw corresponding gains of 3.11 percent, 2.61 percent, and 1.57 percent.

Other groups to finish the day in positive territory were: Consumer Discretionary (0.71 percent), Financials (0.27 percent), and Industrials (0.03 percent).

Financials Group was lifted by shares of Manulife Financial Corporation, Canada’ s largest insurance firm, finishing 1.46 percent higher to close at 97.46 Canadian dollars (74.53 U.S. dollars). Also contributing were two the country’s largest banks, as Royal Bank of Canada and Bank of Nova Scotia posted respective increases of 0.35 percent and 0.24 percent.

The TSX Industrials group finished slightly higher despite Montreal-based Bombardier Inc. retreating 3.10 percent to end the day at 2.50 Canadian dollars (2.37 U.S. dollars) a share.

The Utilities group saw the largest dip on the day, retreating 0.79 percent as Eastern-Canada based Fortis Inc. and Emera Incorporated retreated 1.57 percent and 1.05 percent, respectively.

The remaining laggard groups on the day included: Consumer Staples (0.25 percent), Materials (0.22 percent), Information Technology (0.07 percent), and Telecommunications (0.07 percent).

The TSX Materials group, which consists of producers of gold, precious metals, and raw materials fell the decline in copper prices outpaced moderate gains in gold and silver.
The price for a pound of copper finished 1.35 percent lower to close at 2.7259 U.S. dollars. Meanwhile, the price for an ounce of gold rose 0.25 percent to 1,227.80 U.S. dollars. The same weight of silver closed at 17.92 U.S. dollars, a 0.67 percent ascent.

Toronto-based miners First Quantum Minerals Ltd. and Barrick Gold Corporation saw share prices fall 1.24 percent and 0.79 percent, respectively.
Also making news within the group was Australia-based OceanaGold Corporation shares plunging 6.32 percent after the Philippines government confirmed their decision to suspend the firm’s operations in a local mine due to environmental concerns. OceanaGold has filed an appeal and expect to continue operations during the appeal process.

The Canadian dollar inched down 0.02 cents to finish at 0.7647 U.S. dollars. Enditem.

Source: Xinhua/NewsGhana.com.gh

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