Northern, WI 9/20/2011 (PennyPayDay) – Bay Street stocks rebounded Tuesday morning as traders shrugged off euro zone worries, at least for now, and look to the outcome of a two-day Federal Reserve meeting, hoping for new stimulus measures to help lift the sagging U.S. economy. Also, firm commodities prices aided trader sentiment.The S&P/TSX Composite Index gained 154.90 points or 1.27 percent to 12,326.94, after losing just over 250 points or 2 percent in the past two sessions.
Gold pared previous session's sharp losses, with gold for December gaining $29.70 to $1,808.60 an ounce.
In the gold space, Richmont Mines (RIC.TO) and Iamgold (IMG.TO) surged around 8 percent each.
Royal Gold (RGL.TO), Agnico-Eagle Mines (AEM.TO), Goldcorp. (G.TO) and Allied Nevada Gold (ANV.TO) gained around 4 percent each.
Among silver producers, Silver Wheaton (SLW.TO) and Pan American Silver (PAA.TO) were up over 3 percent each.
The price of crude oil rebounded near $88 as traders shrugged off downgrade of Italy's government debt rating by the S&P. Crude for November gained $1.53 to $87.34 a barrel.
Earlier today. Standard and Poor's downgraded its rating of Italy's government debt by one notch to AA-1 and maintained its "negative" outlook, citing weakening prospects for economic growth.
In the oil patch, MEG Energy (MEG.TO) rose close to 4 percent and Suncor Energy (SU.TO) added nearly 1 percent.
China focused mineral miner New Pacific Metals (NUX.V) gained 2 percent after reporting a narrower fourth quarter net loss of C$213,000 or C$0.003 per share compared to C$463,000 or C$0.015 per share in the previous year quarter.
Meanwhile, IT stocks were trading lower, with Research In Motion (RIM.TO) losing close to 3 percent.
Healthcare services provider Centric Health (CHH.TO) slipped 0.60 percent after it said it would acquire Medical Imaging Centres Inc. and certain business assets of Rads 24/7 Teleradiology Consultants. The total consideration to be paid for the Medical Imaging Centres is comprised of C$15 million in cash and the issuance of up to C$24.2 million in Centric Health common shares.
In economic news, Statistics Canada said wholesale sales rose 0.8 percent in July to $48.2 billion, with most of the growth coming from the machinery, equipment and supplies, the personal and household goods, and the motor vehicle and parts subsectors.
Separately, the agency revealed that Canada's composite leading index was little changed in August for the third month in a row,
From south of the border, the U.S. Commerce Department said that housing starts in August came in at a seasonally adjusted annual rate of 571,000, a 5 percent drop from revised figures that showed 601,000 new housing starts in July. Economists were expecting the housing starts to come in at 592,000.
However, new building permits for August came in significantly higher than expected at 620,000, on a seasonally adjusted annual basis, 3.2 percent higher than revised July figures.Most economists had predicted new permits to come in at 590,000. Additionally, July housing permits were revised up to 601,000 from the initially reported 597,000.
PennyPayDay Disclaimer
No comments:
Post a Comment