RTTNews) - Canadian stocks were moving higher Tuesday morning amid firm energy prices and mixed cues from the euro zone. While a report revealed that economic sentiment in Germany improved for the fifth straight month, Spain raised debt above its maximum planned target, albeit at a higher cost.
Meanwhile, the Bank of Canada left its key rates unchanged at 1 percent and said overall, economic momentum in Canada is slightly firmer than the Bank had expected in January. It projects that the economy will grow by 2.4 percent in both 2012 and 2013 before moderating to 2.2 per cent in 2014
The S&P/TSX Composite Index gained 91.63 points or 0.76 percent to 12,129.22, after losing about 175 points or 1.5 percent in the past two sessions.
In the commodity markets, the price of crude oil was moving higher Tuesday morning, with crude for May adding $1.78 to $104.71 a barrel.
In the oil patch, Niko Resources (NKO.TO), Suncor Energy (SU.TO), Imperial Oil (IMO.TO) and MEG Energy (MEG.TO) were up around 3 percent each.
Uranium miner Energy Fuels Inc. (EFR.TO) soared 20 percent after it said it would acquire all of Denison Mines Corp. (DML.TO) mining assets and operations located in the US in exchange for 425.44 million of its common shares. Shares of Denison climbed 14 percent.
The price of gold ticked lower Tuesday morning, with gold for June delivery edged down $3.00 to $1,646.70 an ounce.
