Canadian News
Toronto Stocks Move Slightly Higher After Sharp Drop - Canadian Commentary
11/27/2009 4:34 PM ET
(RTTNews) -
Bay Street stocks turned slightly higher on Friday as bargain-hunters took advantage of the 200-point decline in the previous session. Healthcare and industrial sectors led the way, offsetting a rough session for gold stocks.
The S&P/TSX Composite Index declined 27.61 points or 0.24% to finish at 11,464.41. The index dropped about 135 points for the week.
Healthcare stocks finished 1.1% higher as QLT (QLT.TO) surged 10.8%. RBC Capital upgraded the stock to Outperform from Sector Perform and boosted its target price to $6 from $4.50.
Industrials gained 0.9%. CAE (CAE.TO) rose 1.5%, WestJet (WJA.TO) and Canadian Pacific (CP.TO) added 1.4% and Canadian National Railway (CNR.TO) added 1.2%.
Gold stocks have lost about 1.8% as the precious metal finished lower on the Comex. Novagold (NG.TO) dropped 4.6%, Iamgold (IMG.TO) lost 1.8% and Yamana (YRI.TO) declined 1.7%.
Pinetree Capital (PNP.TO) declined 5.6% after the company announced that it acquired of 1.58 million common shares of Latin American Minerals.
In economic news, the Canadian curreny account balance data showed a third-quarter deficit of a record C$13.12 billion, compared to a revised deficit of C$11.94 billion in the second quarter.
Canadian gross domestic product data for the third quarter is due at 8:30 a.m. ET on Monday. Annualized GDP is expected to rise about 1%, compared to a 3.4% decline a year earlier.
Industrial product price data for October is expected at the same time. A rise of 0.4% is forecast, compared to a drop 0.5%.
by RTT Staff Writer
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