By William Spain, MarketWatch
CHICAGO (MarketWatch) — Canadian stocks moved generally higher Tuesday, in keeping with an upward trend for their American cousins.
“Risk/cyclical trades have come back into vogue today,” wrote Colin Cieszynski, analyst at CMC Markets Canada. “Stocks and commodities have posted strong gains overnight and into this morning.”
One reason could be that China reported a higher-than-expected trade surplus for December, as a result of lower imports than had been forecast, he noted. This suggests that the Chinese economy, the second largest in the world, “remains sluggish and increasing speculation that more [People‘s Bank of China] easing may be on the way.”
Further, he added, “reports that China may improve foreign access to its stock markets may also be helping to turn around sentiment toward the country. “
Shares of Canadian Pacific Railway Ltd.
gained almost 1%, a day after news reports suggested that activist hedge fund manager Bill Ackman is readying a proxy fight to replace Fred Green as chief executive.
Research In Motion Ltd.
added about 1% following the reception of its new PlayBook at the annual Consumer Electronics Show in Las Vegas.
Toronto-listed gold stocks were doing especially well: The SP/TSX Capped Diversified Metals and Mining Index
rose almost 3%.
Shares of Iamgold Corp.
spiked 3% and First Quantum Minerals Ltd.
jumped 6.4%. Kinross Gold Corp.
added 2% and Barrick Gold Corp.
popped about the same, while NovaGold Resources Inc.
traded up 0.4%.
Add $ISPTX to portfolio
Add CP to portfolio
Add RIM to portfolio
Add TTMN to portfolio
Add IMG to portfolio
Add FM to portfolio
Add K to portfolio
Add ABX to portfolio
Add NG to portfolio
William Spain is a MarketWatch staff writer in Chicago.