Canadian stocks snapped a three-day losing streak to settle higher Tuesday on global cues, largely ignoring concerns over the eurozone debt crisis. Toronto stocks were led by the material and gold sector, while heavyweight Bombardier shares moved up significantly after having won a massive multi-billion dollar jet supply contract.
Toronto's main index, the S&P/TSX, closed Tuesday at 11,497.30, up 95.52 points or 0.84 percent. The S&P/TSX Composite Index touched an intraday high of 11,497.30 and a low of 11,385.50.
The TSX Venture Index closed at 1,269.70, down 7.01 points or 0.55 percent. The index opened at 1,273.97 compared to its previous close of 1,276.71.
Almost all major components of the S&P/TSX Index were in positive territory, led by the Capped Materials Index and the Global Gold Index. Among the decliners were the Capped Consumer Staples Index and the Telecommunications Index.
U.S. crude oil futures for July delivery gained $0.62 or 0.8 percent to close at $83.32 a barrel Tuesday on the NYMEX.
The Energy Index moved up 1.12 percent with Talisman Energy Inc. (TLM.TO) gaining 3.89 percent, while Canadian Natural Resources Limited (CNQ.TO) slipped 0.14 percent. Suncor Energy Inc. (SU.TO) gained 2.26 percent and Encana Corp. (ECA.TO) gathered 1.83 percent.
The Metals & Mining Index edged up 0.09 percent with First Quantum Minerals (FM.TO) shedding 2.07 percent. Teck Resources (TCK_B.TO) gained 1.79 percent, while Osisko Mining Corp. (OSK.TO) gained 4.45 percent.
The Global Gold Index moved up 1.78 percent, with gold futures for August delivery moving up $17.00 or 1.1 percent to close at $1,613.80 an ounce Tuesday on the NYMEX.
Among gold stocks, Ivanhoe Mines Ltd. (IVN.TO) moved up 3.31 percent, while Goldcorp. (G.TO) gained 1.28 percent. Barrick Gold Corp. (ABX.TO) edged up marginally 0.03 percent, while Kinross Gold Corp. (K.TO) gained 1.06 percent.
The Materials Index gained 1.82 percent with Potash Corporation of Saskatchewan Inc. (POT.TO) up 2.16 percent.
The Financial Index moved up 0.65 percent, led by Royal Bank of Canada up 1.06 percent and Manulife Financial Corp. (MFC.TO) up 1.12 percent. Sun Life Financial Inc. (SLF.TO) gathered 1.87 percent, while Toronto-Dominion Bank (TD.TO) edged up 0.57 percent.
Smartphone maker Research In Motion Limited (RIM) gained 1.96 percent.
Transportation systems maker Bombardier Inc. (BBD.A.TO), surged 6.03 percent after it was awarded a $7.3 billion aircraft order by NetJets Inc., a Berkshire Hathaway Co. The order will add up to 425 new aircraft to NetJets worldwide fleet.
Fertilizer maker Agrium Inc. (AGU.TO) added 4.37 percent after stating that it expects first-half earnings to be near or at the top end of guidance range of $5.50 to $6.10 per share. Analysts currently estimate earnings of $4.57 per share for the second quarter.
Grain handler Viterra Inc. (VT.TO), which is being bought by Swiss commodities trader Glencore International Plc in a C$6.1 billion deal, said its second quarter net earnings more than doubled to C$67.11 million from a year ago. Earnings climbed to C$0.18 per share from C$0.08 per share a year ago. Analysts expected earnings of C$0.11 per share for the quarter. The stock was up 0.06 percent.
In economic news, the U.S. Labor Department said import prices fell sharply in May, while prices of U.S. exported goods fell for the first time in 2012. The overall price index for U.S. imports fell by 1 percent in May, the largest single month drop since June 2010. Most economists expected a somewhat higher 1.1 percent decline in the costs of imported goods.
From Europe, U.K. manufacturing output dipped 0.7 percent month-on-month in April, reversing the 0.9 percent rise in March, the Office for National Statistics said. The decline far exceeded economists' forecast of 0.1 percent decline. Industrial production remained flat on month versus a 0.3 percent fall in the prior month. Economists expected a 0.1 percent rise for April.
by RTT Staff Writer
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