Toronto Stocks Rise Amid Strength in U.S., Oil Prices
July 12 2016 - 5:10PM
Dow Jones News
By Ezequiel Minaya
The rally in Canadian stock prices continued Tuesday as the
country's key index reached levels not seen since last year,
boosted by positive signals from the U.S. and U.K. as well as a
recovery in oil prices.
The S&P/TSX Composite Index added 115.79 points, or 0.8%, to
14477.67. Advancers outnumbered decliners 1,112 to 554. Trading
volume was 439.7 million shares.
The blue-chip S&P/TSX 60 Index rose 7.78 points, or 0.9%, to
841.86.
Building on a stocks rally of its own, the U.S. market hit
record highs Tuesday, following a strong jobs report last week and
a robust start to earnings seasons. On Monday, Alcoa Inc. was the
first major company to report quarterly data, posting
better-than-expected results.
In the U.K., news that the country's home secretary, Theresa
May, would soon replace David Cameron as prime minister further
soothed investors who have largely recovered from political
uncertainty stirred by the vote to leave the Europe union late last
month.
Oil prices also rose Tuesday as the Organization of the
Petroleum Exporting Countries said production from countries
outside the group would fall this year more than previously
expected, raising hope for some relief from supply worries.
Energy producers in Canada benefited from the rising crude
prices. Canadian Natural Resources Ltd. added 3.7%, Encana Corp.
rose 5.6%, Crescent Point Energy Corp. surged 4.7% and Husky Energy
Inc. climbed 4.7%.
Gold companies also were among the biggest losers as investors
left safe-havens assets. Barrick Gold Corp. fell 7%, while Kinross
Gold Corp. retreated 5.2%.
Cooper miner First Quantum Minerals was bouyed by rising prices
for the metal on growing expectation of increased demand from
China. First Quantum climbed 11%, while HudBay Minerals Inc. added
4.7%.
Power Producer Northland Power Inc., meanwhile, said it plans to
review strategic alternatives to bolster growth, shareholder value
and its "ability to capitalize on a growing pipeline of clean
energy infrastructure development opportunities." The company's
stock rose 6.6%.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
July 12, 2016 16:55 ET (20:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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