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Roundup: Canadian stock market rebounds on resources rally

Xinhua, June 10, 2015 Adjust font size:

Canada's main stock market in Toronto edged up on Tuesday, aided by solid gains in resources shares following a big slump in the previous session.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 74.38 points, or 0.5 percent, to 14,817.71 points, with both energy and miners sectors increasing more than one percent.

Following a 2.39 percent slump on oil glut concerns on Monday, the energy sector rallied 1.76 percent Tuesday, driven mainly by higher oil prices. Light, sweet crude for July delivery moved up 2 U.S. dollars to settle at 60.14 dollars a barrel, and Brent crude for July delivery increased 2.19 dollars to close at 64.88 dollars a barrel on the New York Mercantile Exchange.

Canadian Oil Sands Ltd. soared 2.44 percent to 10.5 Canadian dollars (about 8.51 U.S. dollars) a share. Suncor Energy Inc., Canada's biggest oil and gas producer, also increased 2.34 percent to 35.88 Canadian dollars per share.

Metals and mining, another resource sector, also urged 1.73 percent when the basic metals companies were in the rising streak.

First Quantum Minerals Ltd. soared 5.55 percent to 17.87 Canadian dollars, and Teck Resources Ltd. advanced 2.63 percent to 14.45 Canadian dollars.

Financials, the most weighed sector, rose 0.58 percent as well, after the third biggest lender Bank of Nova Scotia rose 1.27 percent to 66.08 Canadian dollars per share.

Health Care extended losses by one percent when its heavyweights Concordia Healthcare Corp. lost 1.16 percent to 89.99 Canadian dollars and Valeant Pharmaceuticals International, Inc. was down 0.8 percent to 286.35 Canadian dollars per share.

Info tech also shed 0.25 percent when Constellation Software Inc. lost 1.36 percent to 523.53 Canadian dollars apiece.

On the economic front, the sharp drop in world oil prices over the past year is slowing the pace of Canadian oil production over the next two decades, according to the report 2015 Crude Oil Forecast released by the Canadian Association of Petroleum Producers Tuesday (CAPP).

Many analysts from the oil patch believed that as a country heavily dependent on the energy industry, Canada is becoming more and more sensitive to the turbulence of the crude oil prices, which weighs on the Toronto stock market.

On the currency front, the Canadian dollar Tuesday was traded higher at 0.8100 U.S. dollar, compared with 0.8066 U.S. dollar Monday. Endite