Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

CANADA STOCKS-TSX edges higher as mining stocks rebound

Published 2016-08-25, 10:47 a/m
© Reuters.  CANADA STOCKS-TSX edges higher as mining stocks rebound
XAU/USD
-
GC
-
CL
-
BHC
-
GSPTSE
-
CM
-
TD
-
GG
-

* TSX up 17.33 points, or 0.12 percent, to 14,643.57

* Five of the TSX's 10 main groups higher

TORONTO, Aug 25 (Reuters) - Canada's main stock edged slightly higher on Thursday, helped by a rebound in mining stocks and gains for Canadian Imperial Bank of Commerce after better-than-expected earnings.

The steady performance for the index follows its biggest decline on Wednesday in more than eight weeks.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 percent as gold stocks rebounded after losses on Wednesday.

Fluctuation in gold stocks comes ahead of a speech on Friday by Federal Reserve Chair Yellen that might offer clues on the outlook for U.S. interest rates.

Goldcorp Inc G.TO rose 1.9 percent to C$21.11, but after having hit a four-month low earlier in the session at C$20.36.

Reuters reported on Wednesday that Mexican regulators said they are examining whether mining company Goldcorp broke any regulations in its handling of a long-running leak of contaminated water at Mexico's biggest gold mine. gold XAU= hit a four-week low, pressured by upbeat U.S. durable goods orders data in the run-up to Yellen's speech. GOL/ 10:36 a.m. EDT (1436 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 17.33 points, or 0.12 percent, to 14,643.57. Earlier in the session, the index hit its lowest since Aug. 5 at 14,579.64.

Five of the index's 10 main groups were higher.

The health care group advanced 1.1 percent. It was led by a 4.6 percent gain for Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO to C$41.20.

Canadian Imperial Bank of Commerce CM.TO rose 1.8 percent to C$103.85.

Both it and Toronto-Dominion Bank < TD.TO reported earnings ahead of expectations on Thursday, continuing a strong performance by leading Canadian lenders in the last quarter. the shares of Toronto-Dominion Bank were slightly lower at C$57.53 and the overall financials group was nearly unchanged.

Energy stocks seesawed as oil turned higher. U.S. crude CLc1 prices were up 0.3 percent to $46.92 a barrel.

Earlier oil fell amid focus on oversupply and fading expectation of a production freeze.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.