Canadian stock market inches higher amid downbeat trade data

GMT 09:38 2015 Wednesday ,08 July

Arab Today, arab today Canadian stock market inches higher amid downbeat trade data

Canadian stock market
Toronto - XINHUA

Canada's main stock market in Toronto stayed in the positive territory Tuesday with a tiny gain on the closing bell although the downbeat domestic trade data and Greece worries dragged down the index heavily in midday trading.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index added 30.93 points or 0.21 percent to 14,624.50 points.

The index dived 154.99 points, or 1.1 percent, to greet noon at 14,438.58, the lowest level since January, as worries at home and abroad hammered down the trading sentiment.

Statistics Canada reported Tuesday that Canada's exports declined 0.6 percent in May while imports edged up 0.2 percent, and Canada's merchandise trade deficit with the world widened from 3.0 billion Canadian dollars in April to 3.3 billion Canadian dollars in May.

Meanwhile, the financial shares lost ground in midday trading when investors were concerned with the development of Greece debt default.

However, Canadian Finance Minister Joe Oliver said Tuesday that the growth in the U.S. could help boost Canada's economy as both countries struggle against low oil prices and instability in Europe.

The rally in energy and utilities sectors, up 1.39 percent and 2.13 percent individually, offset the slump from the biggest loser -- the mining sector, which was down 2.04 percent.

In corporate performances, Canada's biggest oil and gas company Suncor Energy jumped 2.25 percent to 34.95 Canadian dollars (about 27.5 U.S. dollars) while Fortis Inc., a utility distributor of gas and electricity in Canada, soared 4.01 percent to 37.09 Canadian dollars per share.

By contrast, the basic metals producers plunged when First Quantum Minerals Ltd. dived 5.18 percent to 15.02 Canadian dollars, and Lundin Mining Corp. lost 3.01 percent to 4.84 Canadian dollars.

Financials as a whole only gained 0.02 percent when banks were in the losing streak with Toronto-Dominion Bank down 0.6 percent to 52.91 Canadian dollars per share.

On the currency front, weighed by disappointing trade data, the Canadian dollar extended losses Tuesday and traded at 0.7867 U.S. dollar, compared with 0.7904 U.S. dollar on Monday.

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