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Canadian Stocks Rise, Led By Commodity Producers -- Canadian Commentary

Canadian stocks edged higher Wednesday morning after hitting their lowest in 2012. The rally was more muted than the rebound taking place on Wall Street, where stocks were hammered in the previous session.

Toronto's S&P/TSX Composite index rose 69.68 points, or 0.58 percent to 12,004.97, led by energy and base metals stocks.

The Energy Index was up 1.5 percent as crude prices rebounded from recent losses. Metals prices helped drive the Diversified Metals and Mining Index up 2.12 percent.

In earnings news, Dollarama Inc. (DOL.TO) posted fourth-quarter net earnings of C$63.61 million or C$0.84 per share versus C$42.03 million or C$0.56 per share a year ago. Shares were up 7.5 percent.

Canadian housing starts unexpectedly rose in March, confirming that the nation's robust housing market remains resilient despite concerns about the global economy.

The seasonally adjusted annual rate of housing starts was 215,600 units in March, according to figures released by Canada Mortgage and Housing Corporation (CMHC) Wednesday morning. This is up from 205,300 units in February, and above expectations for a rate of 202,000.

by RTT Staff Writer

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