INV: CANADA STOCKS-TSX rises as investors brace for Fed: Silver Standard Resources
Canada’s main stock index edged higher on Tuesday, driven by gains in most major sectors as investors nervously awaited the outcome of a key U.S. Federal Reserve policy meeting.
The market expects the Fed to provide more clarity on interest rates at the end of a two-day policy meeting on Wednesday, with some speculating that the central bank might raise rates earlier than had been thought.
The market also digested comments by Bank of Canada Governor Stephen Poloz, who said recent Canadian economic data has been encouraging, particularly on exports, but that there is still a substantial amount of slack in the job market.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 27.98 points, or 0.18 percent, at 15,510.54. Eight of the 10 main sectors on the index were higher. Shares of energy producers added 0.4 percent after the price of oil bounced higher. Suncor Energy Inc gained 0.9 percent to C$43.47, and Canadian Natural Resources Ltd advanced 0.7 percent to C$45.74.
In corporate news, the outgoing chief executive of Toronto-Dominion Bank, Ed Clark, said the Canadian government should tighten lending rules further to discourage consumers from taking on too much debt in an environment of low interest rates.
Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) is engaged in the acquisition, exploration, development, and operation of silver and silver resource dominant mineral projects principally in the Americas. The Company shares are trading +44.40% above their 52 week low price after the last close and -38.74% below the 52 week high. Its latest closing price was down -13.87% from the average-price of 200 days while it kept its distance from the SMA50 at -16.35% and -12.95% compared with the SMA 20.
Shares of Pengrowth Energy Corp (USA) (NYSE:PGH) were +7.68% up 52 week lows as of the latest close and -18.76% below the 52 week high. Its latest closing price was down -7.18% from the average-price of 200 days while it maintained a distance from the SMA 50 at -8.13 % and -4.62% compared with the SMA 20.
Pengrowth Energy Corporation, together with its subsidiaries, acquires, explores for, develops, and produces oil and natural gas reserves in the provinces of Alberta, British Columbia, Saskatchewan, and Nova Scotia in Canada.
Potash Corp./Saskatchewan (USA) (NYSE:POT) together with its subsidiaries, produces and sells fertilizers and related industrial and feed products worldwide. It mines and produces potash, which is primarily used as fertilizer. The stock’s latest price traded at +21.36% up 52 week lows after the closing bell and was -7.74% behind its 52 week high. Its latest closing price was +3.01% above the SMA200 while the distance from the SMA 50 and SMA 20 was -0.19 % and +1.30% respectively.
Cameco Corporation (USA) (NYSE:CCJ) is trading +12.60% higher than the 52 week low price and -25.08% behind the 52 week high. The stock’s latest closing price was -8.11% down from the average-price of 200 days while it kept its distance from the SMA50 at -3.24 % and -1.61% compared with the SMA 20. The Company produces and sells uranium worldwide. The company operates through four segments: Uranium, Fuel Services, Electricity, and NUKEM.
Canadian Natural Resource Ltd (USA) (NYSE:CNQ) explores for, develops, produces, markets, and sells crude oil, natural gas liquids (NGLs), and natural gas in North America. The Company so far this year has moved up +25.15% and its monthly performance stands at +0.43%. The stock was up +40.03% from its 52 week low and was -10.16% below the 52 week high. Its latest closing price was up +8.19% from the average-price of 200 days while it kept its distance from the SMA50 at -2.77% and -0.17% compared with the SMA 20.