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Roundup: Canadian stock market extends gains on financials, resources rally

Xinhua, June 24, 2015 Adjust font size:

Canada's main stock market in Toronto Tuesday hit a two-week high as financials and resources shares helped boost the trading sentiment.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index was higher 114.43 points or 0.77 percent to 14904. 91 points, the highest level on the closing bell since June 8.

Seven of the eight major sectors gained momentum on hopes that a deal could be reached between Athen and its international creditors to avoid a Greek debt default.

Financials, the most heavily weighed sector, rose 0.88 percent when Royal Bank of Canada added 0.7 percent to 77.94 Canadian dollars (about 63.19 U.S. dollars), and Toronto-Dominion Bank was up 0.93 percent to 54.14 Canadian dollars per share.

Metals and mining increased 2.22 percent when its heavyweight First Quantum Minerals Ltd. soared 3.96 percent to 17.59 Canadian dollars apiece.

Energy, another resources sector, jumped 1.65 percent on the rising oil price with Light Sweet Crude Oil for August delivery up 0.63 U.S dollar to settle at 61.01 U.S. dollars a barrel on the New York Mercantile Exchange.

Utilities, another influential movers in the eight TSX sectors, was up 0.95 percent.

Info Tech sector was down 1.03 percent, becoming the only loser on Tuesday. Blackberry tumbled 3.89 percent to 10.88 Canadian dollars. The biggest smartphone maker in Canada reported on Tuesday strong software revenues of 137 million Canadian dollars for the three months ended May 30, but the market is questioning the factors that drove a-150 percent growth in revenues in this segment.

Without any major domestic economic data out, investors focused on the latest U.S. durable goods orders. The underlying trend in U. S. core orders and shipments point to stronger activity ahead, according to a report issued by Bank of Montreal.

Since Canada is a country closely connected with the U.S. economy, analysts believed that the recovery in U.S. economy will in turn stimulate Canada's growth.

On the currency front, the Canadian dollar Tuesday was down to 0.8108 U.S. dollar, from 0.8113 U.S. dollar on Monday. Endite