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Canadian Stocks Rise on Commodity Prices and Greek Debt Hopes

Strategic Insights

— 2 min read

Canadian stocks are experiencing a positive trend driven by increased commodity prices and expectations of resolving Greece's debt crisis. The European Union has warned Greek lawmakers that their country is at risk of immediate default unless they approve an austerity plan, set to be voted on Wednesday. The approval is crucial for securing a 12 billion-euro aid tranche and progressing towards additional aid from the European Union and the International Monetary Fund. As a result, gold prices have risen to $1,502 per ounce, and crude oil has increased by 1.08% to $91.59 per barrel.

Key Takeaways:

  • Canadian stocks are rising due to higher commodity prices, with gold up $6 to $1,502 per ounce and crude up 1.08% to $91.59 per barrel.
  • The European Union warned Greek lawmakers of an immediate default unless they approve a hated austerity plan, set for a vote on Wednesday.
  • Approval of the plan is necessary to secure a 12 billion-euro aid tranche and progress towards additional aid from the European Union and the International Monetary Fund.
  • Ballard Power (BLDP) denies considering a significant investment in an Indian corporation, contrary to recent media reports.
  • Westport Innovations (WPRT) experiences a significant jump after partnering with General Motors (GM) to develop advanced natural gas engine technology.
  • WPRT plans to open a new Technical Center in Michigan, investing in facilities and personnel as demand for natural gas-powered vehicles grows.
  • TransCanada (TRP) edges up after Willbros Group Inc settled a $71.2 million payment dispute, receiving $61 million in cash.
  • Agnico-Eagle Mines (AEM) eases despite a 50% production increase expected at its Meadowbank gold mine in the second half of 2011.
  • The S&P/TSX index rises to 13,073.81, up 0.83%.

Statistics:

  • Gold price: $1,502 per ounce, up $6.
  • Crude oil price: $91.59 per barrel, up 1.08%.
  • A 12 billion-euro aid tranche is at risk if the Greek austerity plan is not approved.
  • The European Union and the International Monetary Fund are providing additional aid to Greece.
  • WPRT's planned Technical Center in Michigan will add personnel and investments to meet growing demand for natural gas-powered vehicles.
  • AEM's production is expected to rise by 50% at its Meadowbank gold mine in the second half of 2011.
  • The S&P/TSX index rises to 13,073.81, up 0.83%.

Sources:

  • "Canadian stocks are up on higher commodity prices and hopes that Greece debt woes will be resolved." - MidnightTrader (2011)
  • "The European Union warned Greek lawmakers their country faced immediate default unless they approve a hated austerity plan..." - MidnightTrader (2011)
  • "Gold was last up $6 at $1,502 per ounce and crude up 1.08% at $91.59 per barrel." - MidnightTrader (2011)
  • "As of Friday, 06-24-2011 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 03-30-2011 for AEM @ $65.33." - Comtex News Network, Inc. (2011)
  • "As of Friday, 06-24-2011 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 04-18-2011 for BLDP @ $2.06." - Comtex News Network, Inc. (2011)
  • "As of Friday, 06-24-2011 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated an UPTREND on 09-03-2010 for TRP @ $36.96." - Comtex News Network, Inc. (2011)

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