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Roundup: Canadian stock market raises inches higher amid Greek concerns

Xinhua, February 18, 2015 Adjust font size:

Canada's main stock market eked out a modest gain as a rally in miners shares offset the concerns about Greece's debt bailout outlook.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 19.80 points, or 0.13 percent, to 15,284.61 points.

Investors were in concerns because Eurozone finance ministers were unable to reach a final agreement with the Greek government on the bailout program Monday, Eurogroup President Jeroen Dijsselbloem said at a press conference.

But TSX was still in the green when miners and financial shares strengthened the market sentiment.

Metal and Mining sector, surged 1.03 percent as March copper plunged 23.5 U.S. cents to 2.5815 U.S. dollars per pound on the COMEX division of the New York Mercantile Exchange.

The Canadian biggest basic metals producers gained as Teck Resources Ltd. Climbed 1.93 percent to 19.52 Canadian dollars ( about 15.77 U.S. dollars), and First Quantum Minerals Ltd. Rallied 1.02 percent to 13.83 Canadian dollars per share.

The most weighed sector Financials jumped 0.72 percent when banks shares were boosted by the news that Canada's Renminbi trading hub is scheduled for launch next month.

The clearing function for the Toronto-based Renminbi clearing hub is to launch inauguration on March 23, Zhu Mingxuan,an executive for the Industrial and Commercial Bank of China told Xinhua on Tuesday. And analysts believed that this will be helpful for expanding business both in China and Canada.

As a direct response, Royal Bank of Canada added 0.21 percent to 77.70 Canadian dollars; Toronto-Dominion Bank edged up 0.11 percent to 55.56 Canadian dollars.

In other gainers, Industrials increased 0.83 percent and Telecom was up 0.37 percent.

However, share of energy slipped 0.23 percent, as Suncor Energy Inc. fell 0.63 percent to 39.15 Canadian dollars and Cenovus Energy Inc. dived 3.68 percent to 23.29 Canadian dollars.

Healthcare lost 0.71 percent as Extendicare Inc. plummeted 1.01 percent to 6.85 Canadian dollars.

On the economic front, Statistics Canada reported Tuesday that foreign investors reduced their holdings of Canadian securities by 13.5 billion Canadian dollars in December, led by sizable divestments in bonds and equities.

On the currency front, the Canadian dollar closed higher Tuesday to 0.8081 U.S. dollar, from 0.8025 U.S. dollar on last Friday. Endite