Canadian stock market bounces up over info-tech, gold rally

GMT 05:39 2015 Friday ,15 May

Arab Today, arab today Canadian stock market bounces up over info-tech, gold rally

Canadian stock market
Toronto - XINHUA

Canada's stocks at Toronto Stock Exchange ended higher with a modest advance Thursday after a three- day slump as the solid gains in Info-tech and gold stocks overpowered the falling energy sector.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index rebounded 47.40 points, or 0.32 percent, to 15,028.12 points.

Energy sector was down 0.85 percent, as the oil prices lost ground after light, sweet crude for June delivery lost 0.62 U.S. dollar to settle at 59.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery moved down 0.22 U.S. dollar to close at 66.59 dollars a barrel.

Canadian Natural Resources Ltd. dropped 1.28 percent to 37.80 Canadian dollars (about 31.50 U.S. dollars) a share, while Canadian Oil Sands Ltd. lost 2.63 percent to 11.09 Canadian dollars per share.

The trading sentiment was strengthened when Info-tech led the market gain by 1.19 percent.

CGI Group Inc. added 1.27 percent to 51.95 Canadian dollars and Constellation Software Inc. jumped 2.48 percent to 497 Canadian dollars.

Metals and mining sector also rose 0.67 percent, boosted by a a rally in gold prices. The most active gold contract for June delivery extended gains by rising 7 U.S. dollars to 1,225.2 dollars per ounce on the Comex division of the New York Mercantile Exchange.

Goldcorp Inc. increased 1.08 percent to 23.49 Canadian dollars, and Argonaut Gold Inc. even jumped 3.14 percent to 1.97 Canadian dollars.

Industrials inched up 0.40 percent as Bombardier Inc. shares spiked 5.10 percent after the company announced plans Thursday to cut 1,750 jobs, which was considered as an effective way to control the cost of its business-jet unit.

Financials, the index's most heavily weighted sector, advanced 0.22 percent, with Royal Bank of Canada up 0.56 percent to 78.88 Canadian dollars a share.

On the economic beat, Statistics Canada reported Thursday that the New Housing Price Index was unchanged in March, following a 0. 2 percent increase in February.

On the currency front, the Canadian dollar on Thursday moved lower to 0.8334 U.S. dollar, compared with 0.8356 U.S. dollar Wednesday.

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