Roundup: Canadian stock market extends gains
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E-mail Xinhua, May 9, 2013
The Canadian stock market extended gains into a fifth straight session Wednesday as the better-than- expected economic data from China and Germany lifted hopes for a robust global market demand for commodities and drove resources stocks higher.
The benchmark S&P/TSX Composite Index rose 120.94 points, or 0. 97 percent, to close at 12,585.05 while the S&P/TSX Venture Composite Index rose 7.90 points, or 0.82 percent, to 969.32.
The export rise in China, one of Canada's most important trading partners, boosted expectations for a strong global economic recovery and benefited commodity shares on the Toronto Stock Exchange.
China's exports rose 14.7 percent in April from a year earlier, beating the market consensus of around 9 percent. Imports increased 16.8 percent, sending the trade surplus to 114.53 billion yuan last month.
German industrial output also jumped for a second month in March unexpectedly, which was seen as a sign that the Europe's largest economy is returning to growth.
Five of the eight sectors on the Toronto stock market's main index were higher, with gains mostly led by gold and energy shares.
The metals and mining sector, which includes gold stocks, climbed over 4.5 percent. Helped by higher gold price and stronger market demand anticipation, Barrick Gold Corporation advanced nearly 9 percent to close at 21.50 Canadian dollars per share. Its main rival Goldcorp was up 6.3 percent.
Oil prices rose as well and helped boost a 0.6-percent rise in the energy sector. The heavyweight Suncor Energy was up 2.1 percent to 32.10 Canadian dollars per share while Canadian Natural Resources slightly dipped 0.3 percent.
In company news, Canada's largest coffee chain Tim Hortons Inc reported a 3 percent fall in its first-quarter profit and announced the appointment of a new president and CEO Wednesday. Its shares dropped 2.6 percent to 57.13 Canadian dollars apiece at closing.
The Canadian dollar moved up to 0.9971 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9957 U.S. dollars Tuesday. Endi
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