The Canadian market has sustained the previous week's momentum on Tuesday, led by resource stocks, as the price of commodities rose benefiting from a weakness in US Dollar. Financials stocks also posted gains, while technology stocks retreated.
The S&P/TSX Composite Index was up 90.12 points or 0.79% to 11559.93, extending last week's 225 point-gain and trading above the 11500-level for the first time since January 21. Monday was a trading holiday for the market.
The Energy Index gained 1.74%, as March crude oil rose $2.73 to $76.86 in the New York Mercantile Exchange.
Cenovus Energy Inc. (CVE.TO) was up 3.00% and Petrobank Energy and Resources Ltd. (PBG.TO) up 5.15%. Suncor Energy added 1.52%.
Oil explorer Petrominerales Ltd. (PMG.TO), which reported a high oil production rate at its Candelilla-2 well in Colombia, surged 13.55%.
The Financials Index was up 0.56%, encouraged by better-than-expected earnings from UK banking giant Barclays Plc.
Bank of Montreal (BMO.TO) gained 1.30%, Canadian Imperial Bank (CM.TO) rose 1.00% and Great West Lifeco Inc (GWO.TO) added 1.52%.
Among gold stocks, Eldorado Gold Corp (ELD.TO) rose 3.53% and Iamgold Corp. (IMG.TO) was up 3.10%.
April gold added $27.2 to $1117.2 a troy ounce, as the oversold euro reversed its losses against the greenback.
Solar electric solutions provider Day4 Energy Inc. (DFE.TO), which signed a 10 MW frame agreement with SOLERA sunpower GmbH in Southern Germany, rose 8.11%.
Timminco Ltd. (TIM.TO), which announced plans to expand its capacity with a new plant in Iceland, soared 12.15%. The Toronto-based silicon producer said Tuesday it has reached an agreement with power company Orkuveita Reykjavikur, and secured convertible debt financing from private equity firm Stokkur Energy for this project.
The Information Technology Index gave in 0.97%, with Research In Motion Ltd. (RIM.TO) losing 2.66% and Open Text Corp. (OTC.TO) easing 2.17%.
In economic news, Statistics Canada reported a 1.6% rise in Canadian manufacturing sales in the month of December to $43.0 billion, their highest level since December 2008.
From across the border, the New York Federal Reserve's manufacturing index rose to 24.9 in February from 15.9 in the previous month, topping economists' expectations for an increase to 18.0.
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