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Gold Shines Following Tillerson Departure

Mar 13, 2018 ( via COMTEX) --

Equity markets in Toronto rose on Tuesday as gold producers advanced and comments from Bank of Canada Governor Stephen Poloz indicating the central bank will remain cautious in policy decisions.

The S&P/TSX Composite Index gained 66.24 points to reach the halfway point Tuesday at 15,671.03

The Canadian dollar slid 0.45 cents to 77.41 cents U.S.

Poloz said there remains a degree of untapped potential in the Canadian economy, particularly in the labour market, that means the country may be able to generate more growth without higher inflation.

The gold sub-sector rose following the ouster of U.S. Secretary of State Rex Tillerson by President Donald Trump.

Health-care shares advanced, lifted by a gain of 2.8% in Valeant Pharmaceuticals, to $20.82, after pricing an upsized senior note offering of $1.5 billion.

The largest percentage gainer on the TSX was Lucara Diamond, which rose 2.3% to $2.22, while Secure Energy was down two cents, or 0.2%, to $8.17.

Among the most active Canadian stocks by volume were Aurora Cannabis down 0.8% to $11.56 and UrtheCast down 4.5% to $0.43

The White House said President Donald Trump spoke on Monday with Prime Minister Justin Trudeau about the steel and aluminum import tariffs Trump announced last week.


The TSX Venture Exchange moved forward 1.48 points to 829.18

All but one of the 12 TSX subgroups were positive, as gold and materials each picked up 1.1%, and energy gained 0.6%.

Only information technology failed to break even, slipping 0.1%.


Stocks fell on Tuesday, erasing earlier gains, as tech shares fell from their session highs.

The Dow Jones Industrial Average moved lower 17.69 points to 25,160.92, after rising more than 150 points earlier in the session. General Electric was the worst-performing stock in the index.

The S&P 500 sank 6.03 points to 2,776.99, tech falling 1.1% Earlier in the session, tech rose as much as 0.9%.

The NASDAQ composite Index faded 40.12 points from Monday's all-time high to 7,548.21

Qualcomm was the worst-performing stock in the S&P 50 tech sector, falling more than 4%. The stock fell after President Donald Trump shut down Broadcom's proposed buyout of Qualcomm, citing concerns based on national security. Both companies have been ordered to abandon this deal immediately.

Stock gains were briefly held in check by news that President Donald Trump ousted Secretary of State Rex Tillerson.

The Washington Post first reported that Tillerson was out before Trump confirmed it in a tweet. Trump also said CIA Director Mike Pompeo would take over as secretary of state.

The U.S. consumer price index rose 0.2% in February, in line with expectations. Inflation concerns permeated through the market last month as investors worried that higher inflation would lead the Federal Reserve to tighten monetary policy at a faster rate.

Prices for the benchmark 10-year Treasury note inched forward, lowering yields to 2.85% from Monday's 2.87%. Treasury prices and yields move in opposite directions.

Oil prices regained 60 cents a barrel to $60.76 U.S.

Gold prices hoisted $5.80 to $1,326.60 U.S. an ounce.

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