Canadian markets touch 10,000 points in record gains

May 5th, 2009 - 9:26 am ICT by IANS  

Toronto, May 5 (IANS) Canadian markets made the biggest one-day gain of the year Monday, with the Toronto Stock Exchange (TSX) composite index jumping 373.41 points to almost touch the 10,000-mark.
The energy and mineral-rich market jumped up after a string of positive indicators from the US and China - Canada’s two biggest trading partners.

While marginal gains by NASDAQ, Dow Jones and S&P and higher US home sales in March had a positive impact on the TSX in general, commodity shares in particular got a boost from reports of China’s economy picking up on big government stimulus.

At the close of the day, the TSX composite index stood at 9,870.37 - up 373.41 percent since Friday. This is the biggest one-day gain by the market in 2009.

Having sunk to a low of 7,591.47 point this March from its historic high of 15,000 last year, the market has gained almost 30 percent in the last two months.

The base metal sector climbed more than nine percent Monday, with Anvil Mining Ltd up as high as 23 per cent or 26 cents to $1.39, and Vancouver-based mining giant Teck up 12 percent or $1.71 to $15.70.

Energy stocks jumped 4.7 per cent as crude prices crossed $54. While energy leader Petro-Canada was up $1.27 to $41, EnCana Corp too rose $2.99 to $60.

The gold sector also gained 4.7 per cent, with the giant Barrick Gold Corp up $2.05 to $36.45.

In the commodity sector, shares of BlackBerry-maker Research In Motion went up $1.68 to $87.48 on the news of its tie-up with Hewlett-Packard to create new server software and applications for its smartphone users.

The financial sector was up 4.3 per cent, with the top Royal Bank of Canada gaining $1.45 to $43.47 and Canadian Imperial Bank of Commerce (CIBC) $2.38 to $56.

The world’s biggest energy stock exchange, TSX had crossed the historic mark of 15,000 points exactly a year ago in its 150-year-old history.

More than 400 oil and gas companies are traded on it, making TSX the world leader in the energy sector.

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