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Mining industry

Canadian Stocks Remain Flat, Economic Data Reveals Wide Current Account Deficit

Strategic Insights

— 2 min read

The Canadian stock market remained stagnant on Monday, with the S&P/TSX Composite Index experiencing a minor increase of 2.94 points. However, the economic landscape presented a more concerning picture, as the overall current account deficit widened by $4.6 billion to reach $17.5 billion in the third quarter. Stronger imports of goods contributed to the increase in the deficit, while exports of goods weakened. Additionally, the Industrial Product Price Index and Raw Materials Price Index both advanced in October, primarily due to increases in petroleum and metal products.

Key Takeaways:

  • The S&P/TSX Composite Index closed up 2.94 points, or 0.02 percent, at 12,895.65 on Monday.
  • Suncor Energy Inc. led the gainers, increasing by 1.55 percent, while Uranium One Inc. and First Uranium Corp. dropped 5.91 percent and 5.38 percent respectively.
  • Kinross Gold Corp. declined 2.81 percent, and Bombardier Inc. reduced 1.67 percent.
  • Lundin Mining Corp. added 2.91 percent, and Rubicon Minerals Corp. skyrocketed 33.3 percent after announcing the Phoenix gold project's potential 4 million ounces of gold.
  • The S&P/TSX Venture Composite Index closed down 6.20 points, or 0.30 percent, at 2050.80 on Monday.
  • Canada's overall current account deficit widened by $4.6 billion to reach $17.5 billion in the third quarter.
  • Stronger imports of goods accounted for the bulk of the increase in the deficit, as exports of goods weakened.
  • The Industrial Product Price Index (IPPI) and Raw Materials Price Index (RMPI) advanced in October, primarily due to increases in petroleum and metal products.

Statistics:

  • The S&P/TSX Composite Index closed up 2.94 points, or 0.02 percent, at 12,895.65 on Monday.
  • Suncor Energy Inc. gained 1.55 percent, while Uranium One Inc. lost 5.91 percent.
  • Rubicon Minerals Corp. soared 33.3 percent after announcing the Phoenix gold project's potential 4 million ounces of gold.
  • The S&P/TSX Venture Composite Index closed down 6.20 points, or 0.30 percent, at 2050.80 on Monday.
  • Canada's overall current account deficit widened by $4.6 billion to reach $17.5 billion in the third quarter.
  • Imports of goods contributed $4.6 billion to the increase in the deficit, while exports of goods weakened.
  • The Industrial Product Price Index (IPPI) advanced 0.5 percent in October, and the Raw Materials Price Index (RMPI) rose 1.7 percent.

Sources:

  • Xinhua via COMTEX (Nov 29, 2010)
  • Statistics Canada
  • Comtex News Network, Inc. (Nov 16, 2010)

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