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Roundup: Canadian stock market rallies over Greece debt bailout agreement

Xinhua, July 14, 2015 Adjust font size:

Canada's main stock market in Toronto on Monday extended more losses following last week as global investors' concern about Greeck debt crisis eased after a bailout deal.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index jumped 122.15 points, or 0.85 percent, to 14,533. 22 points.

With no influential domestic economic data released, the index was boosted as the eurozone summit finally reached a deal with Greece Monday to avoid Greece's bankruptcy and exit from the eurozone.

The deal was positive for market sentiment, according to Andrew Labelle, an economist from TD Bank, who said "with the framework hammered out, the near-term risks now lie in implementation."

Broad gains were seen across the major sectors of TSX, with Metals and mining leading the increase by 4.46 percent, the biggest leap in a single day trading in nearly three months. And analysts believed that the ease of the Greek debt crisis helped lower the volatility of the commodities market.

Most of the stocks which are sensitive to the turbulence of the prices of basic metals soared, when Teck Resources Ltd. jumped 7. 64 percent to 12.11 Canadian dollars (about 9.51 U.S. dollars) a share and First Quantum Minerals Ltd. spiked up 5.46 percent to 16. 43 Canadian dollars per share.

By contrast, the gold shares were in the losing streak when investors' demands for gold as a risk aversion portfolio were reduced, and the bullion contract prices dropped sharply, with the most active gold contract for August delivery going down 2.5 U.S. dollars, or 0.22 percent, to settle at 1,155.40 dollars per ounce on the COMEX division of the New York Mercantile Exchange Monday.

The world's biggest gold producer Barrick Gold declined 1.01 percent to 12.69 Canadian dollars while another gold giant Eldorado Gold Corp. dived 2.87 percent to 4.74 Canadian dollars a share.

The most influential sector Financials was up 0.32 percent as well, when Royal Bank of Canada gained 0.44 percent to 76.92 Canadian dollars and the insurance company Manulife Financial Corp. added 0.95 percent to 23.36 Canadian dollars.

Other gains were seen in Health Care and Info Tech, up 1.95 percent and 1.6 percent, respectively.

On the currency front, the Canadian dollar on Monday moved lower to 0.7849 U.S. dollar, compared with 0.7887 U.S. dollar Friday, given the greenback climbed higher against other major currencies Monday as market expectation for an interest rate hike as early as September rallied. Endite