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Mining industry

Canadian Stocks Rise on Gold Rally, Economic Data and Corporate Deals

Strategic Insights

— 1 min read

Canadian stocks experienced a significant rise on Tuesday, fueled by a rally in gold stocks and a warning from the International Monetary Fund (IMF) about slowing global growth. The S&P/TSX Composite Index closed at 12,209.88, a gain of 37.84 points or 0.31 percent. Meanwhile, the S&P/TSX Venture Composite Index declined by 9.97 points, or 0.57 percent, to 1,727.87. Key sectors, such as diversified metals and mining, and information technology, also saw fluctuations, with the former losing 3.91 percent and the latter losing 1.23 percent.

Key Takeaways:

  • Gold stocks provided strong support to the markets, with Goldcorp Inc. advancing 5.18 percent and Kinross Gold Corp. climbing 4.33 percent.
  • The diversified metals and mining sector on the Toronto Stock Exchange (TSX) lost 3.91 percent due to declining copper futures.
  • Research In Motion Ltd., the maker of BlackBerry, went down 3.62 percent as the index measuring the information technology sector on the TSX lost 1.23 percent.
  • Air Canada benefited from a last-minute agreement with its flight attendants' union, jumping 6.92 percent after avoiding a strike.
  • Wholesale sales in Canada advanced 0.8 percent in July, as reported by Statistics Canada.
  • The Canadian dollar weakened against its U.S. counterpart for a second day, with one U.S. dollar buying 0.9923 Canadian dollars at 5 p.m. local time (2200 GMT).

Statistics:

  • S&P/TSX Composite Index closed at 12,209.88, a gain of 37.84 points or 0.31 percent.
  • S&P/TSX Venture Composite Index closed at 1,727.87, down 9.97 points or 0.57 percent.
  • Goldcorp Inc. advanced 5.18 percent.
  • Kinross Gold Corp. climbed 4.33 percent.
  • Diversified metals and mining sector lost 3.91 percent.
  • Research In Motion Ltd. went down 3.62 percent.
  • Air Canada jumped 6.92 percent.
  • Wholesale sales in Canada advanced 0.8 percent in July.
  • Canadian dollar traded at 0.9923 versus U.S. dollar at 5 p.m. local time (2200 GMT).

Sources:

  • Xinhua News Agency (2011, Sep 20). "Canadian Stocks Rise on Tuesday".
  • Statistics Canada. (No specific date). "Wholesale Sales, July".
  • XINHUA NEWS AGENCY. (2011, Sep 20). "Copyright 2011 XINHUA NEWS AGENCY".

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