Mining stocks take TSX higher

By:Malcolm Morrison

THE CANADIAN PRESS

The Toronto stock market was positive Wednesday morning, finding support from mining stocks while data showed a sharp uptick in manufacturing sales during July.

The S&P/TSX composite index gained 35.8 points to 11,531.6.

The TSX has racked up four consecutive days of solid gains on hopes for a strong recovery and a positive third-quarter earnings season, leaving the market up 52 per cent since the lows of early March and up 28 per cent year to date.

The gold sector was up 1.66 per cent on Wednesday as a weaker U.S. dollar helped push the December bullion contract on the New York Mercantile Exchange up $10.90 to US$1,017.20 an ounce. On the TSX, Goldcorp Inc. (TSX: G) climbed 58 cents to C$46.02.

December copper ran up seven cents to US$2.92 a pound, helping take the base metals sector 1.67 per cent higher. Teck Resources (TSX: TCK.B) added 44 cents to $29.69.

Energy stocks were positive in early trading as the October crude contract on the New York Mercantile Exchange was off three cents to $70.90 a barrel ahead of U.S. inventory data coming out later in the morning.

The Canadian dollar moved up 0.12 of a cent to 93.46 cents US, after rising more than a cent Tuesday amid yet another warning from the Bank of Canada that the strong loonie could derail a strong economic recovery.

Statistics Canada reported that manufacturing sales rose 5.5 per cent in July to $41.4 billion, adding to the 2.2 per cent increase reported in June, thanks to improved performances in the motor vehicle and primary metals industries.

Excluding the motor vehicle assembly and motor vehicle parts industries, manufacturing sales increased 2.1 per cent.

The TSX Venture Exchange climbed 12.18 points to 1,281.53.

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Comments: This is definitely a raging Bull Market...for now.