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Canadian stock market moves higher on U.S credit upgrade

English.news.cn   2013-06-11 08:06:31            

TORONTO, June 10 (Xinhua) -- The Canadian stock market's main index went up higher Monday as an upgrade of U.S. credit outlook and a positive reading on Canadian housing starts fueled market optimism.

The benchmark S&P/TSX Composite Index rose 9.37 points, or 0.08 percent, to close at 12,382.67 after a five-day big loss. The S&P/ TSX Venture Composite Index decreased 4.68, or 0.49 percent, to 946.72.

Rating agency Standard & Poor's removed the near-term threat of another credit rating downgrade for the United States Monday and revised its outlook to stable from negative, citing an improved economic and fiscal outlook for the country. The agency cut the U. S. sovereign credit rating in August 2011 to AA-plus from the top grade of AAA.

Better-than-estimated Canadian housing data provided further momentum to the Toronto market. Canada Mortgage and Housing Corp. said that housing starts of Canada were 182,756 units in May, compared with 182,971 in April but better than anticipated.

The gold shares led advancers, with bullion for August delivery up 2.7 U.S. dollars to 1,385.7 U.S. dollars an ounce. Barrick Gold Corporation climbed 1.02 percent to 20.81 Canadian dollars per share.

July crude on the New York Mercantile Exchange shed 26 U.S. dollars cents to 95.77 U.S. dollars a barrel. The energy sector rose 0.2 percent and Suncor Energy improved by 0.44 percent to 31. 80 Canadian dollars per share.

Financial sector added 0.2 percent, helped by data showing Canadian house starts jumped more than expected. Royal Bank of Canada, the country's biggest lender, rose 0.22 percent to 60.12 Canadian dollars a share, and Bank of Montreal was up 0.85 percent to 60.63 Canadian dollars.

At closing, the Canadian dollar moved up to 0.9810 U.S. dollars at 5 p.m. local time (2100 GMT), compared with 0.9784 U.S. dollars Friday.

Editor: Yang Yi
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