Canadian market up after China's central bank news
Updated: 2012-09-28 11:15
(Xinhua)
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TORONTO -- The Canadian market broke its five-day fall and was in positive territory after news of China moving to stimulate its economy, and Spain's unveiling of new economic reforms.
The S&P/TSX composite index closed 105.99 points higher, or, 0.87 percent, to 12,338.85, while the S&P/TSX Venture Composite Index gained 15.45 points, or 1.18 percent, to 1,322.31.
After a recent showing of weak manufacturing numbers, China's injection of 365-billion yuan ($58 billion) into the market had investors feeling optimistic. While, Spain faces another round of spending cuts, its new austerity package had investors looking beyond the protests on the streets.
Bank, oil, mining and gold stocks lifted the market throughout the day, with Canada's third largest bank, Bank of Nova Scotia's shares increasing by 1.24 percent to C$54.75 ($55.92). The second largest bank, TD Bank, was up 0.5 percent to C$82.36. Royal Bank of Canada also gained 0.9 percent to C$56.69 a share.
Imperial Oil stocks increased by 0.3 percent to C$45.48, while oil and gas producer Talisman Energy gained 1.9 percent to C$13.47. Canadian Natural Resources also recouped some of its recent losses, and rose by 0.9 percent to C$30. 81.
Gold mining giant, Barrick Gold Corp was up by 1.64 percent to C$40.97. Its biggest competitor, Goldcorp, also gained 2.55 percent to C$45.44. Meanwhile, China Gold Intl led the way with a 7 percent increase to C$4.43 a share.
Metal and mining stocks soared, with Lundin Mining jumping 5.4 percent to C$5.05, while Teck Resources was up by 0.3 percent to C$29.15.
In corporate news, BlackBerry maker, Research in Motion Ltd, released its better than expected second-quarter financial results after the market closed Thursday. Although the struggling technology firm is still in the red, its revenue rose 2 percent to $2.9 billion in the last quarter, while net loss was at $235 million. On Thursday, RIM stocks climbed 0.7 percent to C$6.93 a share.
Despite opposition, China's CNOOC Ltd is confident it can proceed with the C$15.1 billion purchase of the country's oil and gas producer Nexen Inc. After meeting Canadian provincial leaders earlier this month in Beijing, the company said no concerns were raised about the deal, and that Canada values China as an investor in its energy sector. On Thursday, Nexen's shares lost 0.32 percent to C$24.83 a share.
Environmental groups have launched legal action against the Canadian government over Enbridge Inc's contentious Northern Gateway Pipeline, and its encroachment on endanger species in the area. The groups are hoping to force the government into protecting the wildlife along the pipe route. Enbridge stock dipped 0.46 percent to C$38.69.
On the economy ledger, Statistics Canada reported a 1.1 percent increase of average weekly earnings for nonfarm payroll employees in July, to C$906.68.
In currency, the Canada dollar rebounded on Thursday and strengthened to $1.0197 at 5 pm local time, compared with $1.0149 on Wednesday.
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