Tags: Canada | Stock | Energy | Mining

Canada's Stock Market Hits Record, Led by Energy, Mining

Wednesday, 18 Jun 2014 06:06 PM

Five years into a bull market, Canadian stocks have rallied to a record amid a resurgence in energy producers and gold mining shares.

A year after U.S. stocks surged to a record, Canada has caught up. About $1.5 trillion in value has been restored to Canadian equities since March 2009, with the Standard & Poor’s/TSX Composite Index gaining 100 percent. The S&P/TSX closed at 15,109.25 on Wednesday, topping the previous high of 15,073.13 reached six years earlier on June 18, 2008. It is up 11 percent this year for the second-best performance among the world’s 10 biggest markets.

Sectarian violence in Iraq, escalating tensions between Ukraine and Russia and the harshest North American winter in three decades have fueled concerns about energy supply and boosted oil and natural gas prices this year. Foreign investors are pouring cash into equities and the weakening Canadian dollar is helping earnings for exporters, such as New Gold Inc. and Osisko Mining Corp.

“It’s about time, is what I would say,” Barry Schwartz, fund manager at Baskin Financial Services Inc. in Toronto, said in a phone interview. “It’s the resource stocks that had been sliced in half and are finally waking up.”

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Five years into a bull market, Canadian stocks have rallied to a record amid a resurgence in energy producers and gold mining shares.
Canada, Stock, Energy, Mining
197
2014-06-18
Wednesday, 18 Jun 2014 06:06 PM
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