Gold mining surge lifts Canadian stocks higher

Views: 14

Toronto, June 4 (IANS) Canada’s main stock market in Toronto was pushed higher as gold mining stocks surged after weaker-than-expected US jobs data reduced expectations for an interest rate hike by the Federal Reserve.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index gained 89.79 point, or 0.64 percent, to close at 14,226.78 points on Friday, Xinhua news agency reported.

Half of the TSX index’s eight main sub-sectors were higher.

Barrick Gold soared 11.61 per cent to 24.81 Canadian dollars ($19.17 ), Kinross Gold jumped 13.36 per cent to 6.45 Canadian dollars, and Yamana Gold rose 11.71 per cent to 6.20 Canadian dollars.

Diversified miners also gained as a range of base metals prices were boosted by a weaker US dollar. The overall TSX metals & mining group, which includes precious and base metals miners and fertilizer companies, registered a uncommon 5.47 percent increase.

ALSO READ:   AirAsia India to commence flight operations to Nagpur and Indore

Teck Resources advanced 7.28 percent to 13.85 Canadian dollars and First Quantum Minerals gained 6.40 percent to 9.15 Canadian dollars.

The Canadian dollar traded higher at $0.7726, compared with Wednesday’s closing rate of $0.7631.



Comments: 0

Your email address will not be published. Required fields are marked with *