Canadian stocks were hovering in the green Monday morning amid little cues from commodities and the neighboring US markets, which were closed for Martin Luther King, Jr. Day. However, traders sentiment improved as concerns over US debt ceiling talks eased after the Republicans proposed a three-month increase to the borrowing limit in order to allow the U.S. to pay its bills.
The S&P/TSX Composite Index rose 38.80 points or 0.30 percent to 12,764.49, after adding over 100 points or nearly 1 percent in the past two trading sessions.
BlackBerry maker Research In Motion (RIM.TO) gained about 8 percent ahead of the launch of its BlackBerry 10 devices.
RONA Inc. (RON.TO) gained over 2 percent after announcing that Robert Chevrier, Chairman and Director of UniSelect joins RONA’s Board as Executive Chairman, effective immediately. He replaces Robert Pare, who steps down as Chairman.
Diversified communications & media company Shaw Communications Inc. (SJR_B.TO) edged up 0.50 percent after it said it’s promoters, Shaw family, increased its stake in the company by acquiring an additional 750,000 Class B Non-Voting Participating Shares in January
Among financial stocks, Fairfax Financial Holdings (FFH.TO) rose over 1 percent, while Bank of Montreal (BMO.TO), Scotiabank (BNS.TO) and TD Bank (TD.TO) adding around 1 percent each.
Financial services company Element Financial Corp. (EFN.TO) announced that it has completed the acquisition of 100 percent of the shares of Nexcap Finance Corporation for approximately $20 million plus and assumption of $75 million debt financing. The stock gained 1 percent.
Th price of gold edged up in European trade, with gold for February delivery adding $2.30 to $1,689.30 an ounce.
Among gold stocks, Royal Gold (RGL.TO) gained 1 percent. Detour Gold (DGC.TO), while Detour Gold (DGC.TO) and Agnico-Eagle Mines (AEM.TO) were slipping about 1 percent each.
The price of crude oil ticked lower, with crude for March delivery shedding $0.37 to $95.67 a barrel.
In the oil patch, Cenovus Energy (CVE.TO), Trilogy Energy (TET.TO), MEG Energy (MEG.TO) and Husky Energy (HSE.TO) were down around 2 percent each.
In economic news, Statistics Canada said wholesale sales rose 0.7 percent in November to $49.6 billion. The increase was largely a result of higher sales in the computer and communications equipment and supplies industry.
From the euro zone, Germany’s producer price inflation accelerated in December, but at a slower than expected pace, data from Destatis showed. Prices for industrial products increased 1.5 percent from a year ago, following a 1.4 percent rise in November. The annual growth rate was forecast to climb to 1.7 percent.
by RTT Staff Writer
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