Canadian market closed higher on Thursday on the seventh-straight session, as metals stocks advanced and investors digested new data on inflation and foreign investment.
Gold futures edge lower, but rose after the lows earlier in the day. Gold futures for April delivery ended at $ 1,118.70 an ounce, from $ 1,40, or 0,1% an ounce on the New York Mercantile Exchange. See Metals Stocks for more gold.
Statistics Canada reported that the annual inflation rate 1.9% in January, which beat analysts’ estimates of 0.1%. Although the growth of the CPI is the largest since November 2008, the Bank of Canada is unlikely to change their plans to keep interest rates at record lows until June.
“These data should not trouble BOC,” said an analyst of the economy in the note. “Core CPI is on the way to holding below 2% until 2010, in line with inflation Outlook BOC’s”.
Agency of Statistics also released data on Thursday showing that foreign investors bought C $ 11,2 billion in Canadian assets in December, including bonds, shares and investments in the money market. This compared with $ 10.6 billion in Canadian securities by foreign portfolios added in November 2009. About C $ 9,5 billion of this amount in the purchase of bonds and Canadian C $ 1,2 billion of this amount was spent on Canadian stocks
In the U.S., stocks gained modestly, overshadowed by Wal-disappointing earnings and a dim outlook in March U.S. same-store sales in the fourth quarter.
The Canadian dollar weakened slightly, with one dollar buying C $ 1,0473.
The S&P/TSX Composite Index /quotes/comstock/11t!isptx (CA:ISPTX 11,695, +59.35, +0.51%) , Toronto’s main stock gauge, rose 0.5%, adding 59 points to stand at 11,694.
Shares of Barrick Gold Corp. /quotes/comstock/13*!abx/quotes/nls/abx (ABX 39.23, +1.37, +3.62%) /quotes/comstock/11t!abx (CA:ABX 40.94, +1.29, +3.25%) rose 3.3% on the same day the gold giant released better-than-expected fourth-quarter earnings.
Shares of Kinross Gold Corp. /quotes/comstock/11t!k (CA:K 19.68, +0.33, +1.71%) gained 1.7%, Iamgold Corp. /quotes/comstock/11t!img (CA:IMG 15.86, +0.14, +0.89%) rose 0.9% and Goldcorp /quotes/comstock/11t!g (CA:G 40.86, +0.44, +1.09%) advanced 1.1%
source: marketwatch.com
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