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Canadian stocks jump as Brexit tension eases

Xinhua, June 21, 2016 Adjust font size:

Canada's main stock market in Toronto rallied Monday with financials and resources stocks leading a broad advance as investors returned to equity markets on rising expectations that Britain will vote to remain in the European Union later this week.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index added 113.37 point, or 0.82 percent, to close at 14,015.14 points. All of the TSX index's eight main sub-sectors were higher.

Oil prices rose 3 percent on Monday, settling higher for a second straight day, after polls showing a lower likelihood of Britain leaving the EU while U.S. gasoline surged 5 percent in anticipation of peak summer driving demand.

Traders said Britain's exit, or "Brexit," could cause economic turmoil to Europe and beyond.

The West Texas Intermediate for July delivery added 1.39 U.S. dollars to settle at 49.37 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 1.48 dollars to close at 50.65 dollars a barrel on the London ICE Futures Exchange.

The most influential movers on the TSX index included its biggest bank by market capitalization, Royal Bank of Canada (RBC), which rose 0.53 percent to 78.01 Canadian dollars (60.90 U.S. dollars), and pipeline company Enbridge Inc., which added 2.09 percent to 53.79 Canadian dollars.

RBC plans further expansion in the United States following its 5 billion U.S. dollar acquisition of Los Angeles-based City National in November.

Gold miners were among the biggest drags, as the precious metal fell with other perceived safe-haven assets after polls suggesting Britain's "remain" campaign had regained some momentum ahead of Thursday's referendum.

Kinross Gold Corp shed 2.18 percent to 6.28 Canadian dollars. The miner suspended activity at its Tasiast mine in Mauritania after the West African country ordered expatriates whose work permits were invalid to stop working.

Economically speaking, Statistics Canada reported that wholesale sales edged up 0.1 percent to 54.8 billion Canadian dollars in April, after two consecutive monthly declines.

Gains were recorded in three of seven sub-sectors, led by the miscellaneous sub-sector.

The Canadian dollar traded higher at 0.7807 U.S. dollar, compared with Friday's closing rate of 0.7765 U.S. dollar. Endit