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Canadian stocks climbed after yesterday’s three week low, increasing for the first time in four days of trade as the price of gold rises amidst the escalating tension in Ukraine.
The Standard Poor’s/TSX Composite Index gained 0.1% or 14.38 points to 15,202.09, 4:00 pm, Toronto time. The gauge witnessed a record close last July 30 and currently holds the second place in the best developed markets in the world for the year with a total of 12% increase already.
Tim Hortons Inc. led the rally in the market after reporting that it has the highest same-store sales growth in the US for two years with a 7.4% surge. Agnico Eagle Mines Ltd. and the National Bank of Canada are in positive territory as well gaining 3% and 5% respectively with the former being bolstered by the rise in gold prices that put the mineral in its highest rate in six weeks while the latter took sentiment and broke a three-day losing streak. Canaccord genuity Group Inc. is a laggard in the trend as it plummeted 8.9% due to an earnings report that disappointed estimates. Materials producer in the country surged by 0.9% in the midst of the ongoing turmoil in Ukraine.
Just recently, Poland foreign minister warned about the risk regarding the Russian military troops expanding in the Ukraine border might indicate an invasion. Today, the US and NATO have joined in stirring the speculations of an invasion. NATO that the existing risks of a Russian invasion might be hidden under the pretext of a humanitarian or peacekeeping mission. Meanwhile, Russia reiterated that the reported military buildup on the border was “groundless” and rebounded at the sanctions against the nation. Russian President Vladimir Putin retaliated by commanding that restrictions be put on food imports that comes from the US and other select nations.
Exports in Canada reached C$45.2 billion as crude oil and metals rally. Canada has reported the biggest merchandise trade surplus for more than two years in the month of June due to this.
