By Ketki Saxena
Investing.com – The TSX was up in late afternoon trading, while US stocks eked out a gain as investors hope for a resolution at the end of the ongoing debt ceiling talks taking place in Washington.
The commodity heavy Canadian index was also supported by a gain in crude prices, on worries of tight supply as the wildfires in Alberta have caused 300,000 barrels of oil equivalent per day to be taken offline last week. Crude prices were also supported by the likelihood that the US will need to begin refilling its Strategic Petroleum Reserves in June, for a sale mandated by Congress.
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Centerra Gold reported a loss of US$73.5-million, compared with a profit of US$89.4 million in the same quarter last year. The loss amounted to 34 cents per diluted share for the quarter ended March 31, compared to a profit of 30 cents per diluted share a year earlier. Revenue totalled US$226.5 million, compared to US$295.2 million this time last year.
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Statistics Canada announced that wholesale sales excluding petroleum fell 0.1% to $85.6 billion in March. Constant dollar sales excluding petroleum fell 0.3% in March. Sales fell in four of the seven subsectors tracked by the agency.
Canadian home prices continued to heat up in April, rising 1.6% from March to hit $723,900 as per the Canadian Real Estate Association. However, benchmark home prices remain 12.3% lower than this time last year. The supply of new homes remains near a 20 year low.