Mining stocks lift TSX
Aug 26, 2013 / 7:21 am
The Toronto stock market was modestly higher Monday as mining stocks continued to find lift from strong Chinese manufacturing data that came out last week.
Traders also looked to another piece of economic data that kept speculation going over whether the U.S. Federal Reserve thinks the economy is strong enough to start backing off on some of its economic stimulus.
The S&P/TSX composite index gained 41.93 points to 12,804.23 after the U.S. Commerce Department reported that durable goods orders fell by a much greater than expected 7.3 per cent in July. Economists had expected a drop of almost four per cent. The showing followed a 3.9 per cent rise in June, thanks in part to strong airplane orders.
Data released Friday had showed a drop in new home sales, raising questions about the strength of the recovery in the U.S. housing market. That led to speculation that the Fed might stick with its current monetary stimulus or only reduce it very gradually.
The Canadian dollar was down 0.09 of a cent at 95.14 cents US, well off early lows as the greenback weakened somewhat after the durable goods data.
The U.S. dollar has advanced amid growing conviction that the Federal Reserve will start cutting back on its US$85 billion of monthly bond purchases, a move that has kept long-term rates low and supported a strong rally on many stock markets this year.
U.S. indexes were slightly higher with the Dow Jones industrials up 8.98 points to 15,019.49, the Nasdaq gaining 10.38 points to 3,668.18 and the S&P 500 index rising 2.52 points to 1,666.02.
On the commodity markets, the base metals sector advanced 0.7 per cent while September copper rose two cents to US$3.37 a pound. Thomson Creek Metals Co. (TSX:TCM) gained six cents to C$1.52 while Turquoise Hills Resources (TSX:TRQ) was up eight cents at $5.59.
The gold sector was ahead 0.6 per cent as December gold declined $1.40 to US$1,394.80 an ounce. Iamgold (TSX:IMG) gained 17 cents to C$7.23.
The energy sector rose 0.3 per cent as oil prices were slightly higher with the October crude contract on the New York Mercantile Exchange up 11 cents at US$106.53. Suncor Energy (TSX:SU) climbed 37 cents to US$36.43.
Read more Business News
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.315||-0.045|
|Copper Mountain Mining||1.58||0.00|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- US government runs $135.2 billion budget deficit in November, 21.4 per cent below a year ago
- Hudson's Bay reports larger Q3 loss, due to costs associated with Saks' purchase
- Sales of extra-large smartphones will take off in 2014: tech prediction
- Pilot's fears came true as plane crashed
- 'Sound of Music,' Panthers-Saints game draw viewers to NBC, giving it a strong ratings week
- Raitt defends Canada Post's decision to phase out urban mail delivery
- Extreme weather apparel maker Canada Goose sells majority stake to Bain Capital
- OPG fires 3 executives after auditor says generous salaries push up hydro rates
- Most actively traded companies on the TSX, TSX Venture Exchange markets
- Canada Post to phase out home delivery; eliminate thousands of postions
- Gas main leak that led to fire, evacuations in Oakland, California, is capped
- Reid says Senate will not extend farm law despite threat of milk prices rising