Canadian stocks pared losses to end marginally higher Tuesday, helped by financial stocks even as mining issues took a hit with investors anxious over the eurozone financial problems with little hopes of a positive outcome at the key European Union summit meeting later this week.
Toronto's main index, the S&P/TSX, closed Tuesday at 11,334.42, up 4.03 points or 0.04 percent. The S&P/TSX Composite Index touched an intraday high of 11,344.99 and a low of 11,251.85.
The TSX Venture Index closed at 1,168.96, down 6.69 points or 0.57 percent. The index opened at 1,174.89 compared to its previous close of 1,175.65.
Some of the major components of the S&P/TSX Index in the red were the Global Gold Index, the Diversified Metals & Materials Index, and the Capped Materials Index. Among gainers were the Energy and Financial indices.
The Metals & Materials Index dropped 0.74 percent with Lundin Mining Corp. (LUN.TO) down 0.99 percent and First Quantum Minerals Ltd. (FM.TO) slipping 3.04 percent. Teck Resources Limited (TCK.B.TO) gained 2.38 percent, while Inmet Mining Corp. (IMN.TO) shed 0.93 percent.
U.S. crude oil futures for August delivery, gained $0.15 or 0.2 percent to close at $79.36 a barrel Tuesday on the NYMEX.
The Energy Index moved up 0.27 percent with Suncor Energy Inc. (SU.TO) marginally up 0.07 percent, Canadian Natural Resources Limited (CNQ.TO) down 0.37 percent, and Encana Corp. (ECA.TO) slipping 2.70 percent. Talisman Energy Inc. (TLM.TO) gained 0.93 percent.
The Financial Index edged up 0.43 percent, led by Royal Bank (RY.TO) up 0.35 percent, Bank of Nova Scotia (BNS.TO) was up 0.34 percent, and Toronto-Dominion Bank (TD.TO) gained 0.36 percent. Manulife Financial Corp. (MFC.TO) gathered 1.90 percent.
Research In Motion Ltd. (RIM.TO) surrendered 2.03 percent, ahead of its quarterly results due on Thursday.
Gold futures for August delivery dropped $13.50 or 0.9 percent to close at $1,574.90 an ounce Tuesday on the NYMEX. The Global Gold Index shed 2.09 percent.
Among gold stocks, Kinross Gold Corp. (K.TO) dropped 2.19 percent, while Barrick Gold Corp. (ABX.TO) shed 4.03 percent.
The Materials Index dropped 1.0 percent with Rubicon Minerals Corp. (RMX.TO) down 1.24 percent, while Potash Corporation of Saskatchewan Inc. (POT.TO) gained 3.12 percent. Agrium Inc. (AGU.TO) added 1.93 percent.
Coated and laminated paper maker Intertape Polymer (ITP.TO) slipped 2.19 percent after announcing plans to close its Richmond, Kentucky facility that manufactures tape products and transfer the shrink film production business. The company will incur a charge of about $14-$16 million to be recorded in the second quarter of 2012.
Drug maker Aeterna Zentaris Inc. (AEZ.TO) said that final Phase 3 results for its oral ghrelin agonist, AEZS-130, show that the drug is safe and effective in diagnosing adult growth hormone deficiency. The stock skyrocketed over 30 percent.
Real estate company Brookfield Office Properties (BPO.TO) edged up 0.88 percent after revealing the acquisition of a rentable property in Washington, DC for $106 million.
In economic news, home prices in major U.S. metropolitan areas rose more than economists expected, a report by Standard & Poor's revealed. The S&P/Case-Shiller 20-City Composite Home Price Index rose by a seasonally adjusted 0.7 percent in April, matching the upwardly revised increase in March. Economists expected home prices to rise by 0.4 percent compared to the 0.1 percent increase originally reported for the previous month.
A separate report from the Conference Board showed consumer confidence index to have dropped to 62.0 in June from a downwardly revised 64.4 in May. Economists expected the index to slip to 63.5 from the 64.9 originally reported for the previous month.
In economic news from the eurozone, confidence among German consumers is likely to rise in July, a survey by market research group GfK indicated. The consumer confidence index for July rose to 5.8 from 5.7 in June. Economists expected the score to fall to 5.6 in July.
by RTT Staff Writer
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