By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) -- Mining and energy issues climbed as prices for most resources rebounded Tuesday, leaving the Canadian equity benchmark at its highest level in nearly a year.
The S&P/TSX Composite Index /quotes/comstock/11t!isptx (CA:ISPTX 11,526, -59.90, -0.52%) jumped 161 points, or 1.4%, to 11,585.73, its best closing level since Oct. 1, 2008.
Base-metals miners led gains among materials stocks. There, HudBay Minerals /quotes/comstock/11t!hbm (CA:HBM 11.50, +0.27, +2.39%) leaped 21% -- its strongest percentage gain since January -- after the company said it has evidence of a major find of copper and gold at a drilling zone in Manitoba.
One of the drill holes in the copper and gold intersections "is among the best I have seen in nearly 40 years in the mining business, and the new copper-gold zone may be very significant," HudBay Chief Executive Peter Jones said in a statement.
Meanwhile, Teck Resources /quotes/comstock/11t!tck.b (CA:TCK.B 30.37, -0.15, -0.49%) rose 4.2%, and Inmet Mining /quotes/comstock/11t!imn (CA:IMN 58.58, -0.67, -1.13%) climbed 1.2%.
The shares were boosted by commodities prices, as gold futures climbed back above $1,010 an ounce. December silver gained 1.4%, and December copper advanced 2.1%. But October platinum fell 1.3% and December palladium fell about 1.1%.
On the energy front, October natural gas rose 0.9%, to $3.609 per million British thermal units. Crude-oil prices also were back above $71 a barrel after a loss of more than 3% in the previous session.
Read more...
Source
Comments:
The Bull market is here...Eventually.
Is there no turning back? Is recession done...for now.
No comments:
Post a Comment