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Canadian Stocks Rally On Expectations-Beating US Job Report

3rd Sep 2010, 7:57 pm
Canadian Stocks Rally On Expectations-Beating US Job Report

Canadian stocks are poised to finish the week in the black after the US Labour Department announced non-farm payrolls declined 54,000 in July, compared to the expected decline of 90,000.   


In Toronto, the S&P/TSX composite index advanced 0.15% to trade at the 12,129  as of 3 pm ET, after crossing and remaining above the 12,000 level yesterday. 


Five of eight market sector indices were up, with the financial and industrial sectors posting the most gains, advancing 1.19% and 0.76%, respectively.  Energy and health care sectors declined 0.04% and 0.6%, respectively, while the telecom sector index remained unchanged. 


Andean Resources (TSX: AND, ASX:AND) surged 50% on the Toronto Stock Exchange after Goldcorp (NYSE:GG, TSX:G) put in a C$3.6 billion for the company, outgunning a $3.2 billion rival bid from Eldorado Gold (TSX: ELD, NYSE:EGO).  Goldcorp and Eldorado Gold retreated 3.9% and 4.9%, respectively.


Other gainers include Sun Life Financial (TSX: SLF, NYSE: SLF), which rose by 5.2% to $26.47, and Finning International (TSX: FTT), which advanced by 5.4% to $22.29.


Banks rose all across the board.  RBC (TSX: RY, NYSE: RY) rose 1.87% while BMO (TSX:BMO, NYSE:BMO) and Toronto-Dominion Bank (TSX:TD, NYSE:TD) advanced 1.05% and 1.37%, respectively. 


Gold companies retreated today on the TSX following weakness in gold prices. Barrick Gold (TSX:ABX, NYSE:ABX) went down 1.45%, Newmont Mining (TSE:NMC, NYSE: NEM) fell 2.4%, New Gold (TSX: NGD, AMEX:NGD) declined 2.2% and IAMGOLD (TSX: IMG, NYSE: IAG) retreated 0.8%.

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