By Sarah Pringle, MarketWatch
SAN FRANCISCO (MarketWatch) ? Canadian equities finished higher for a second-straight session Tuesday, alongside strengthening oil and base metal prices, as well as hopes for Fed action Wednesday.
By session?s end, Toronto?s benchmark index /quotes/zigman/20942 CA:$ISPTX +1.61% ?lifted 1.61%, or 187.23 points, to 11,788.36. Wall Street also saw gains, as the Dow Jones Industrial Average /quotes/zigman/627449 DJIA +0.75% ?jumped 95.51 points, and the S&P 500 /quotes/zigman/3870025 SPX +0.98% added 13.2 points.
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?There is a relief rally underway, after the positive election result in Greece. Stronger equity markets in the United States may also reflect the possibility that the Fed could ease monetary policy tomorrow at the end of the FOMC meeting ? though we give this only a 50% probability,? said Patricia Mohr, vice president of industry and commodity research at Scotiabank.
The relief rally was led by metals and mining stocks /quotes/zigman/24977 XX:TTMN +2.96% , up 27.13 points, followed by financials, /quotes/zigman/23265 XX:TTFS +2.33% , which tacked on 3.97 points.
While Canadian oil and mining equities have suffered significant losses lately, Mohr said ?there is likely compelling value in these sectors now.?
Among the highest percentage gainers were shares of energy and commodity companies, including HudBay Minerals Inc. /quotes/zigman/32580 CA:HBM +6.38% , operator of zinc and copper mines, which jumped 6.38% to $8.17, and Major Drilling Group International Inc. /quotes/zigman/12885 CA:MDI +6.43% , up 6.43% to $12.41.
July copper /quotes/zigman/663935 HGN2 +0.85% ?rallied 4 cents, or 1.1%, to finish the day at $3.43 a pound.
As a top performer in energy, shares of Cenovus Energy Inc. /quotes/zigman/47102 CA:CVE +4.37% ?rose 4.37%. Canacol Energy /quotes/zigman/4968504 CA:CNE -5.45% ?fell 5.45%.
Crude oil for delivery in July /quotes/zigman/2203147 CLN2 +0.85% ?made up for recent losses, increasing 0.9% to trade at $84.03 a barrel on the New York Mercantile Exchange. Read more about oil.
Notable movers in the financial sector included the Royal Bank of Canada /quotes/zigman/18007 CA:RY +3.95% , tacking on 3.95%, and Agrium Inc. /quotes/zigman/13574 CA:AGU +3.12% , adding 3.12%.
Statistics China reported Monday that non-resident investors acquired $10.2 billion of Canadian securities in April, following a month of divestment in March. Holdings of foreign securities by canadian investors reduced by $2.7 billion.
In response to this data, ?the securities market inflows counteract commodity price weakness in the short term, and make the case for at least moderate CAD appreciation over the medium term,? Strategist Greg Anderson of CitiFX noted in a report Tuesday.
In currency trading, Canada?s dollar /quotes/zigman/4867882/sampled USDCAD +0.0277% gained on the U.S greenback, with one U.S. dollar buying C$1.0177 vs. C$1.0227 Monday.
Despite sector gains across the board, gold stocks slid into negative territory. Shares of Eldorado Gold Corp. /quotes/zigman/15663 CA:ELD -2.07% , fell 2.07%, followed by NovaGold Resources Inc. /quotes/zigman/8093 CA:NG -1.89% , slipping 1.89%.
After wavering back and forth Tuesday, gold futures ended on the downside, with gold for August delivery /quotes/zigman/676896 GCQ2 -0.51% ?down 0.2% to trade at $1,623.20 on the Comex division of Nymex. Read more about gold.
In other economic news, Canada?s wholesale sales rose 1.5% in April, beating growth estimates of 0.2%. The spike in wholesale sales was attributed to a 48.5% jump in the agricultural supplies industry.
?Despite this, early signs for second-quarter growth have been on the soft side overall .... For the quarter as a whole, we expect growth to expand just above potential at 2.2%, consistent with a modest absorption of spare capacity,? wrote Mazen Issa, macro strategist at TD Securities, in a research note.
Issa pointed to the disappointing manufacturing data released earlier this month as a downward driving force. Falling short of expectations, manufacturing sales declined 0.8% in April. Canada?s retail sales will be reported later this week.
/quotes/zigman/20942
CA : Canada: Toronto
Volume: 175.49M
June 19, 2012 4:36p
/quotes/zigman/627449 US : DJ-Index
Volume: 125.18M
June 19, 2012 4:30p
/quotes/zigman/3870025 US : S&P Base CME
Volume: 586.63M
June 19, 2012 4:33p
/quotes/zigman/24977 XX : Canada: Toronto
Volume: 11.63M
June 19, 2012 4:36p
/quotes/zigman/23265 XX : Canada: Toronto
Volume: 24.77M
June 19, 2012 4:36p
/quotes/zigman/32580 CA : Canada: Toronto
Volume: 772,750
June 19, 2012 4:00p
/quotes/zigman/12885 CA : Canada: Toronto
Volume: 305,520
June 19, 2012 4:00p
Market Cap$922.85 million
/quotes/zigman/663935 US : U.S.: Comex
Volume: 51,894
June 19, 2012 5:14p
/quotes/zigman/47102 CA : Canada: Toronto
Volume: 2.04M
June 19, 2012 4:00p
/quotes/zigman/4968504 CA : Canada: Toronto
Volume: 5.56M
June 19, 2012 4:00p
Market Cap$342.42 million
/quotes/zigman/2203147 US : U.S.: Nymex
Volume: 76,782
June 19, 2012 5:14p
/quotes/zigman/18007 CA : Canada: Toronto
Volume: 3.62M
June 19, 2012 4:42p
Rev. per Employee$413,635
/quotes/zigman/13574 CA : Canada: Toronto
Volume: 1.27M
June 19, 2012 4:00p
/quotes/zigman/4867882/sampled US : ICAP Currencies
Volume: 0.0000
June 19, 2012 5:31p
/quotes/zigman/15663 CA : Canada: Toronto
Volume: 3.70M
June 19, 2012 4:00p
/quotes/zigman/8093 CA : Canada: Toronto
Volume: 327,702
June 19, 2012 4:00p
/quotes/zigman/676896 US : U.S.: Comex
Volume: 117,626
June 19, 2012 5:14p
Sarah Pringle is a MarketWatch reporter, based in San Francisco.
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