June 8, 2016 - 7:10 AM EDT
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More Upward Momentum for TSX

Suncor in Focus

Equities in Canada's largest market rose on Wednesday to a near-10-month high, led by gold mining and energy stocks as gold rallied and oil climbed further above $50.00 a barrel.

The S&P/TSX Composite Index kept rolling, gaining 67.68 points to open at 14,433.29.

The Canadian dollar took on 0.42 cents to 78.93 cents U.S.

Suncor Energy Inc said it would raise $2.5 billion through the sale of new shares to enable it to increase its stake in its Syncrude oil sands joint venture and to fund other possible acquisitions.

Raymond James cut the price target on Suncor to $42.00 from $43.00. Suncor shares dipped $1.05, or 2.9%, to $35.45.

Paradigm Capital raised the target price on Parex Resources to $15.50 from $14.00. Parex shares eked up two cents to $14.24.

On the economic beat, Statistics Canada reported that building permits issued by municipalities edged down 0.3% to $6.9 billion in April.

This marked the second consecutive monthly decline and was largely the result of lower construction intentions in Ontario, Quebec and Nova Scotia.

Canada Mortgage and Housing Corporation reported the seasonally-adjusted annualized rate of housing starts fell to 188,570 units last month from a downwardly revised 191,388 in April. May's figure was short of economists' expectations for 190,000.


The TSX Venture Exchange recovered 12.38 points, or 1.8%, to 713.42

All but one of the 13 TSX subgroups were positive, as gold triumphed 3.8%, metals and mining jumped 3.5%, and materials, ahead 2.9%.

The three laggards were telecoms, down 0.5%, health-care, off 0.4%, and consumer staples, off 0.1%.


U.S. stocks traded mostly higher Wednesday, helped by gains in oil prices ahead of the weekly inventory report.

The Dow Jones Industrials advanced 37.01 points to 17,975.29, with Caterpillar and UnitedHealth contributing the most to gains.

The S&P 500 gained 3.05 points at 2,115.18, with energy leading six sectors higher and telecommunications the greatest decliner.

The NASDAQ moved into dropped 1.34 points to 4,960.56.

In economic news, the Job Openings and Labor Turnover Survey showed there were about 5.8 million job openings at the end of April.

Prices for the 10-year Treasury rose slightly, lowering yields to 1.7% from Tuesday's 1.71%. Treasury prices and yields move in opposite directions.

Oil prices tacked on 74 cents a barrel to $51.10 U.S.

Gold prices hiked $16.20 to $1,263.20 U.S. an ounce.

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Source: Equities.com News (June 8, 2016 - 7:10 AM EDT)

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