Canadian Stocks Rise on Tuesday, Led by Metals and Mining and Energy Sectors

Canadian stocks made significant gains on Tuesday, with the S&P/TSX Composite Index increasing by 0.59% to close at 13,332.92. The metals and mining sector was a top performer, with the diversified metals and mining sector index rising by 2.60%. Lundin Mining Corp. surged 5.43% and Suncor Energy Inc. climbed 2.24% as the energy sector also advanced 1.83%. Fertilizer producers benefited from a positive earnings report from Mosaic Co. and worsening crop conditions in the US, with Potash Corp. and Agrium Inc. gaining 2.34% and 2.03% respectively. However, gold stocks were a major loser, with Lake Shore Gold Corp. dropping 15.63% after reducing its 2011 production forecast.

Key Takeaways:

• The S&P/TSX Composite Index rose by 78.78 points on Tuesday, a 0.59% increase, with the diversified metals and mining sector index rising 2.60%.
• Lundin Mining Corp. led the gainers with a 5.43% surge, while Suncor Energy Inc. climbed 2.24% in the energy sector.
• Fertilizer producers such as Potash Corp. and Agrium Inc. gained 2.34% and 2.03% respectively, following a positive earnings report from Mosaic Co. and worsening crop conditions in the US.
• Lake Shore Gold Corp. was a significant loser, dropping 15.63% after reducing its 2011 production forecast.
• The S&P/TSX Venture Composite Index closed down 11.03 points, or 0.55%, at 1,993.47.

Statistics:

• The S&P/TSX Composite Index closed at 13,332.92, an increase of 0.59% from the previous day.
• The diversified metals and mining sector index rose by 2.60% on Tuesday.
• Lundin Mining Corp. surged 5.43% and Suncor Energy Inc. climbed 2.24% in the energy sector.
• Lake Shore Gold Corp. dropped 15.63% after reducing its 2011 production forecast.
• The S&P/TSX Venture Composite Index closed at 1,993.47, down 0.55% from the previous day.

Sources:

• "Canadian stocks rise on Tuesday." Xinhua News Agency, July 19, 2011.