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Roundup: Canadian stock market spikes as resources gain

Xinhua, October 8, 2015 Adjust font size:

Canada's main stock market in Toronto rose sharply with gains across the board on Wednesday after a solid rally in miners' shares boosted the trading sentiment.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index increased 221.09 points, or 1.62 percent, to 13,868.35 points, hitting the highest closing point since Aug. 19, when the index settled at 14,036.63 points.

The mining sector spiked 10.74 percent to 482.65 points, the highest level in nearly two months.

Teck Resources Ltd. rose 14.27 percent to 8.89 Canadian dollars (about 6.80 U.S. dollars) after the basic metals producer announced Wednesday that it and a subsidiary have entered into a long-term streaming agreement with a subsidiary of Franco-Nevada Corp.

Meanwhile, Franco-Nevada Corp said it agreed to pay Teck 610 million U.S. dollars to help fund operations at the Antamina mine in Peru.

First Quantum Minerals Ltd., another leading company in this sector, rallied 18.16 percent to 8.85 Canadian dollars per share.

The energy sector advanced 3.03 percent while the financial sector gained 1.15 percent.

However, Bombardier, one of the biggest loser in TSX on Wednesday, plunged 12.99 percent to 1.54 Canadian dollars as the Canadian aircraft and railway maker confirmed on Tuesday evening that it held talks with Airbus Group.

It is reported that Bombardier failed to sell a majority stake in its troubled CSeries jet program, which underscored the depths of its financial challenges.

On the economic front, Statistics Canada reported that building permits cooled in August by 3.7 percent to 7.5 billion Canadian dollars, after gains of 15.5 percent in June and 0.7 percent in July. The decline was attributable to lower construction intentions in most provinces, mainly British Columbia, Alberta, Quebec and Saskatchewan.

On the currency front, the Canadian dollar on Wednesday was down to 0.7654 U.S. dollar, compared with 0.7676 U.S. dollar on Tuesday. Enditem