TSX soars as energy producers extend rebound; Husky climbs – Proactive Investors USA & Canada


12:54 pm by Mourad Haroutunian

Husky Energy (TSE:HSE) (TSE:HSE-A) jumped 9.4 percent to C$25.55 after Canada's third-largest integrated oil company said it expects capital spending to decline by a third in 2015 from 2014.Husky Energy (TSE:HSE) (TSE:HSE-A) jumped 9.4 percent to C$25.55 after Canada’s third-largest integrated oil company said it expects capital spending to decline by a third in 2015 from 2014.

Canadian shares advanced for a second day, as energy producers rallied with oil prices and gold miners rising. The resource-heavy benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 1.9 percent to 14,125.65 at 12:34 p.m. in Toronto. More than nine stocks gained for every share that declined as 8 out of 10 main industries advanced. 

The energy sector, the main index’s second most heavily weighted group, was the biggest advancer with a 7.7 percent rally, as crude oil rebounded on speculation that a slide in prices to a five-year low was excessive.

(TSE:HSE) (TSE:HSE-A) jumped 9.4 percent to C$25.55 after Canada’s third-largest integrated oil company said it expects capital spending to decline by a third in 2015 from 2014.

 () climbed 7.2 percent to C$3.14 after agreeing to acquire a 50 percent non-operated working interest in producing oil properties in Alberta for C$100 million.

Energy (TSE:SU), Canada’s largest oil sands producer, soared 8.4 percent to C$35.77. (), Canada’s largest pipeline company, edged up 0.8 percent to C$55.04. 

WTI for January delivery rose 4.5 percent to $58.44 a barrel at 12:15 p.m. on the New York Mercantile Exchange. Brent for February settlement gained 5.3 percent to $63.17 a barrel on the London-based ICE Futures Europe exchange.

The materials sub-index, which includes mining shares, increased 2.9 percent as gold prices edged back above $1,200 ahead of the outcome of the U.S. ‘s last policy meeting of the year. 

(TSE:ABX) gained 2.2 percent to C$12.28. (TSE:G) added 3.3 percent to C$20.53.

Spot gold was up 0.4 percent at $1,201.40 by 1222 GMT. 

The financials group, which accounts for approximately 36 percent of the main measure, more than any other group, gained 1 percent. (), which has the heaviest weighting in the index, tacked on 1.3 percent to C$79.53. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, rose 0.8 percent to C$52.94.

Hudson’s Bay (TSE:HBC) gained 0.4 percent to C$23.76 after the Canadian department store operator named former Toys R Us chief executive officer Gerald Storch as its new CEO.

BlackBerry (TSE:BB) rose 3.1 percent to C$11.38 as the Waterloo, Ontario-based smartphone maker is set to unveil its latest device, the Classic, later today. The product, which will support a QWERTY keyboard, is meant to appeal to the company’s traditional customers. 

The junior () climbed 1.9 percent to 654.74 at 12:16 p.m. in Toronto. The 405-company measure has lost 31 percent so far this year.

In economic news, Canadian wholesale sales rose in October as higher prices for live animals pushed agricultural receipts to a record high. Statistics Canada said today that sales rose 0.1 percent to C$54.2 billion, as farm products surged 13.5 percent to C$815 million. Live-animal prices in the raw materials price index rose 24.6 percent in October from a year earlier, the agency said.

In the U.S. market, shares gained as energy shares rebounded for a second day and investors bet the will remain supportive of the economy. The S&P 500 (INDEXSP:.INX) added 1.2 percent at 11:47 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) edged up 0.9 percent, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 1 percent. Most followed shares included , , , , Spirit Airlines, Dave & Buster’s Entertainment, Auspex Pharmaceuticals, Volcano, Moody’s, Cliffs Natural Resources, and .

No investment advice

Proactive Investors North America Inc, trades as “Proactiveinvestors USA & Canada”.

You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Want something else to read? How about ‘Grievous Censorship’ By The Guardian: Israel, Gaza And The Termination Of Nafeez Ahmed’s Blog

Bookmark the permalink.

Leave a Reply

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