Metals on the rise
TORONTO (Reuters) - The Toronto Stock Exchange’s main index ended higher as shares of mining companies rose on firm metal prices, offsetting weakness in energy issues.The S&P/TSX composite index closed up 32.70 points, or 0.3 percent, at 13,204.46.
“We had a wonderful day yesterday and for it to be up, even a little bit, is a good sign,” said John Kinsey, portfolio manager at Caldwell Securities Limited.
The benchmark index soared 131.22 points, or one percent, to close at 13,171.76 Tuesday amid rising oil prices and take-over talk in the aluminium industry.
Overall, seven of the TSX index’s 10 main groups were higher, with the resource-laden materials group up 0.5 percent.
Lundin Mining climbed 58 Canadian cents, or 4.7 percent, to C$12.96, while First Quantum Minerals Ltd. rose C$2.57, or 4 percent, to C$67.40.
Shares of gold miners also rose, with Barrick Gold up 43 Canadian cents, or 1.2 percent, at C$36.55, while Goldcorp gained 35 Canadian cents, or 1.1 percent, to C$33.58.
The energy sector was down 0.2 percent as the price of US crude fell nearly two percent to $58 a barrel after a US government report showed a smaller than expected drop in heating oil inventories.
Petro-Canada slid 68 Canadian cents, or 1.5 percent, to C$45.92, while Suncor Energy fell 84 Canadian cents, or one percent, C$85.75.
The financial services and health-care sectors also saw losses.
The TSX took some positive guidance from south of the border following comments by Federal Reserve Chairman Ben Bernanke that inflation is poised to ease while the US economy grows moderately.
