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Roundup: Canadian stock market rallies over big jumps in resources

Xinhua, August 11, 2015 Adjust font size:

Canada's main stock market in Toronto Monday rebounded sharply from a steep loss on last Friday when resources shares jumped over a big rally in commodities prices.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index moved higher 163.69 points or 1.14 percent to 14, 466.39 points on the closing bell.

Metals and mining led the increase by 5.67 percent, the biggest jump in a single day trading in nearly five months since March 23, when gold futures on the COMEX division of the New York Mercantile Exchange rallied above 1,100 U.S. dollars per ounce on Monday.

Gains were seen across the gold shares with Barrick Gold Corp. jumping 7.14 percent to 9.90 Canadian dollars (about 7.62 U.S. dollars), and Yamana Gold Inc. spiking 11.57 percent to 2.70 Canadian dollars.

Another resource group Energy advanced 2.93 percent when oil prices gained momentum on Monday as data showed China imported more crude in July.

The gas and oil company Encana Corp. rallied 7.03 percent to 9. 74 Canadian dollars per share and Cenovus Energy Inc. added 3.99 percent to 19.03 Canadian dollars per share.

Meanwhile, Financials moved higher 1.22 percent Manulife Financial Corp. was up 1.04 percent to 23.27 Canadian dollars.

By contrast, modest losses were seen in non-resources sectors in TSX when Health Care was lower 1.06 percent and Telecom was down 0.76 percent.

Although equities market in Toronto was boosted by the rally in commodities prices on Monday, investors were still in concerns about the volatility in crude and metals markets in future.

"The recent weakness in the base metals complex was driven primarily by soft economic data in China and concerns that this could be a long term structural phenomenon rather than a cyclical development", according to a report issued by TD Bank on Monday.

Besides, on the economic beat, Statistics Canada said on Monday that Canada produced 16.7 million cubic meters of crude oil and equivalent products in May, down 6.2 percent from the same month a year earlier.

And analysts believed that more turbulence will be seen in the resources sectors in TSX when stagnant oil prices have been weighing on Canada's oil industry.

On the currency front, the Canadian dollar Monday was higher to 0.7692 U.S. dollar, when compared with 0.7614 U.S. dollar on last Friday. Endite