Bay Street Bulls In Command As Gold, Energy Stocks Rise

(RTTNews) - Canadian stocks were sharply higher heading down the home stretch on Monday, as resource stocks benefited from rising commodity prices.

The S&P/TSX Composite Index rose 121 points to 11,528.00, adding to its gains from the previous session.

All eyes were on New York City today, where Federal Reserve Chairman Ben Bernanke said that the central bank is attentive to the implications of the weakening dollar.

However, the dollar failed to sustain its gains as he repeated that the Fed is likely to keep interest rates exceptionally low for “an extended period,” putting a cap on the dollar’s modest rebound.

Energy stocks were up 1.8 percent along with the price of crude oil, which moved toward $78 a barrel.

Gold stocks were up 2.8 percent as gold hit a new record above $1130.

Active stocks include Mega Brands (MB.TO), which soared 19 percent.

Uranium One Inc. (UUU.TO) announced it has received approval from Kazakh Ministry of Energy and Mineral Resources or MEMR to buy 50% joint venture interest in the Karatau Uranium Mine. Shares were up 3.5 percent.

News company Thomson Reuters Corp. (TRI, TRI.TO), said its Tax & Accounting business has agreed to buy Sabrix, Inc., a provider of transaction tax management software applications and related services. Thomson Reuters stock was up 0.5 percent.

Though financial terms of the deal were not disclosed, the transaction is expected to close in December 2009.

US retail sales increased by more than expected in the month of October, according to a report released by the Commerce Department on Monday, with the growth largely due to a jump in auto sales.

Canadian manufacturing shipments rose more than expected in September, helping producers clear out inventories, according to official data released Friday morning.

Statistics Canada said manufacturing sales rose 1.4% in September to $41.7 billion, largely reflecting increases in the motor vehicle industry.

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Posted in Categories: Canada, Releases, Stocks, USA.

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