Canadian shares rose for the fourth day in five as retail sales in the country rose at the fastest pace in eight months in January. Consumer-staples companies led the rally.
The resource-sensitive benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.3 percent to 14,403.63 at 12:27 p.m. in Toronto. More than two shares gained for every stock that lost. Eight of the 10 main industries advanced.
Statistics Canada reported today that retail sales bounced back in January after being hit by severe weather in December, growing at the fastest pace since May, at 1.3 percent. The volume of sales was up by a healthy 1.4 percent, with the rebound led by automobiles and general merchandise stores.
Consumer-staples shares rose 1.1 percent. Big Rock Brewery Inc. (TSE:BR), a craft beer producer, gained 2.5 percent to C$18.35 after saying it will raise $10 million to build a restaurant in British Columbia.
The energy sector, the main index's second most heavily weighted group, added 0.7 percent as West Texas Intermediate and Brent crudes climbed after Russia completed annexing Crimea. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, inched up 0.7 percent to C$36.71. Canadian Natural Resources Ltd. (TSE:CNQ), the second-largest energy company, put on 0.7 percent to C$41.85.
Serinus Energy Inc. (TSE:SEN), a Canadian upstream oil and gas exploration and production company, advanced 2.8 percent to C$3.30, the highest intraday price in two weeks. The Calgary-based company ramped up its proved & probable reserves, or 2P, by 119 percent to 20.5 million barrels of oil equivalent at the end of 2013.
Cenovus Energy Inc. (TSE:CVE), which has refineries in the U.S, climbed 2.1 percent to C$30.58. The Alberta government has approved the company's application for a new oil sands project capable of producing up to 180,000 barrels of oil a day.
WTI for May delivery advanced 1.1 percent to $99.96 a barrel at 12:13 p.m. on the New York Mercantile Exchange. Brent for May settlement rose 1.1 percent to $107.60 a barrel on the London-based ICE Futures Europe exchange.
The materials sub-index, which includes mining shares, ticked up 0.3 percent as gold futures rose. Goldcorp Inc. (TSE:G) tacked on 0.2 percent to C$30.03.
Gold futures for June delivery rose 0.4 percent to $1,335.50 an ounce at 12:19 p.m. on the Comex in New York.
The financials group, which accounts for approximately 34 percent of the main measure, more than any other group, edged up 0.2 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, rose 0.2 percent to C$72.33.,
Solium Capital Inc. (TSE:SUM) dropped 4.7 percent to C$7.09 after saying its chief executive officer may sell up to 2.1 million shares over two years.
BlackBerry Ltd. (TSE:BB), the beleaguered Canadian smartphone maker, fluctuated between gains and losses. The Waterloo, Ontario-based company reached an agreement to sell most of its real-estate holdings in Canada, to help shore up cash for its turnaround plan.
The 241-company benchmark gauge for Canadian equities (TSE:OSPTX) had gained 5.4 percent since the beginning of the year through yesterday.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) increased 0.1 percent to 1,035.92 at 12:26 p.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, climbed 1.8 percent to C$9.00.
In economic news, inflation rate of the world's 11th largest economy slowed to close to the bottom of the central bank’s target band last month on lower gasoline and clothing prices. The consumer price index rose 1.1 percent in February from a year ago following a 1.5 percent January increase, Statistics Canada said today.
In currency, the Canadian dollar strengthened from a four-and-a-half-year low after data showed inflation and retail sales picked up faster than forecast. The loonie appreciated 0.4 percent to C$1.1197 per U.S dollar at 9:21 a.m. in Toronto. One loonie buys 89.31 U.S. cents.
In the U.S., shares advanced amid optimism in the health of the world's largest economy. The S&P 500 (INDEXSP:.INX) rose 0.5 percent at 11:38 a.m. in New York after hitting a new record high of 1,883.97. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.7 percent, while the tech-heavy Nasdaq Composite (INDEXDJX:.DJI) was little changed. Most followed shares included Tiffany, Nike, Darden Restaurants, Symantec, United Technologies, Ann, WellPoint, Media General, and Walgreen. Reported by Proactive Investors 8 hours ago.
The resource-sensitive benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.3 percent to 14,403.63 at 12:27 p.m. in Toronto. More than two shares gained for every stock that lost. Eight of the 10 main industries advanced.
Statistics Canada reported today that retail sales bounced back in January after being hit by severe weather in December, growing at the fastest pace since May, at 1.3 percent. The volume of sales was up by a healthy 1.4 percent, with the rebound led by automobiles and general merchandise stores.
Consumer-staples shares rose 1.1 percent. Big Rock Brewery Inc. (TSE:BR), a craft beer producer, gained 2.5 percent to C$18.35 after saying it will raise $10 million to build a restaurant in British Columbia.
The energy sector, the main index's second most heavily weighted group, added 0.7 percent as West Texas Intermediate and Brent crudes climbed after Russia completed annexing Crimea. Suncor Energy Inc. (TSE:SU), the nation's largest energy company by market value, inched up 0.7 percent to C$36.71. Canadian Natural Resources Ltd. (TSE:CNQ), the second-largest energy company, put on 0.7 percent to C$41.85.
Serinus Energy Inc. (TSE:SEN), a Canadian upstream oil and gas exploration and production company, advanced 2.8 percent to C$3.30, the highest intraday price in two weeks. The Calgary-based company ramped up its proved & probable reserves, or 2P, by 119 percent to 20.5 million barrels of oil equivalent at the end of 2013.
Cenovus Energy Inc. (TSE:CVE), which has refineries in the U.S, climbed 2.1 percent to C$30.58. The Alberta government has approved the company's application for a new oil sands project capable of producing up to 180,000 barrels of oil a day.
WTI for May delivery advanced 1.1 percent to $99.96 a barrel at 12:13 p.m. on the New York Mercantile Exchange. Brent for May settlement rose 1.1 percent to $107.60 a barrel on the London-based ICE Futures Europe exchange.
The materials sub-index, which includes mining shares, ticked up 0.3 percent as gold futures rose. Goldcorp Inc. (TSE:G) tacked on 0.2 percent to C$30.03.
Gold futures for June delivery rose 0.4 percent to $1,335.50 an ounce at 12:19 p.m. on the Comex in New York.
The financials group, which accounts for approximately 34 percent of the main measure, more than any other group, edged up 0.2 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, rose 0.2 percent to C$72.33.,
Solium Capital Inc. (TSE:SUM) dropped 4.7 percent to C$7.09 after saying its chief executive officer may sell up to 2.1 million shares over two years.
BlackBerry Ltd. (TSE:BB), the beleaguered Canadian smartphone maker, fluctuated between gains and losses. The Waterloo, Ontario-based company reached an agreement to sell most of its real-estate holdings in Canada, to help shore up cash for its turnaround plan.
The 241-company benchmark gauge for Canadian equities (TSE:OSPTX) had gained 5.4 percent since the beginning of the year through yesterday.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) increased 0.1 percent to 1,035.92 at 12:26 p.m. in Toronto. Africa Oil Corp. (CVE:AOI), the heaviest stock in the gauge, climbed 1.8 percent to C$9.00.
In economic news, inflation rate of the world's 11th largest economy slowed to close to the bottom of the central bank’s target band last month on lower gasoline and clothing prices. The consumer price index rose 1.1 percent in February from a year ago following a 1.5 percent January increase, Statistics Canada said today.
In currency, the Canadian dollar strengthened from a four-and-a-half-year low after data showed inflation and retail sales picked up faster than forecast. The loonie appreciated 0.4 percent to C$1.1197 per U.S dollar at 9:21 a.m. in Toronto. One loonie buys 89.31 U.S. cents.
In the U.S., shares advanced amid optimism in the health of the world's largest economy. The S&P 500 (INDEXSP:.INX) rose 0.5 percent at 11:38 a.m. in New York after hitting a new record high of 1,883.97. The 30-member Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.7 percent, while the tech-heavy Nasdaq Composite (INDEXDJX:.DJI) was little changed. Most followed shares included Tiffany, Nike, Darden Restaurants, Symantec, United Technologies, Ann, WellPoint, Media General, and Walgreen. Reported by Proactive Investors 8 hours ago.
