A general view of the TSX Broadcast Centre in Toronto.MARK BLINCH/Reuters
Canadian stocks posted modest gains on Monday after commodity producers rallied. The S&P/TSX composite index closed at 13,829.66, up 32.07 points or 0.2 per cent. U.S. markets were closed for Memorial Day.
Among energy producers, Suncor Energy Inc. rose 0.6 per cent and Canadian Natural Resources Ltd. rose 1.3 per cent. Among materials stocks, Barrick Gold Corp. rose 0.2 per cent, Teck Resources Ltd. rose 1.3 per cent and Potash Corp. of Saskatchewan Inc. rose 0.8 per cent.
Uranium producer Cameco Corp. was a notable exception to the commodity-based gains, sliding 3.3 per cent after Germany signalled that it would wind down its nuclear-energy capabilities over the next decade. The change in policy comes about two-and-a-half months after the devastating earthquake and tsunami struck Japan, crippling a nuclear plant there and raising concerns about the political acceptability of nuclear power worldwide.
Meanwhile, Canada's Big Banks continued to look weak following last week's volatility when some banks reported disappointing fiscal second quarter results. Despite some signs of early stability on Monday, Royal Bank of Canada fell 0.5 per cent and Toronto-Dominion Bank fell 0.4 per cent.
Research In Motion Ltd. rose 1.5 per cent amid at least two interesting reports on the company. Reuters weighed in on some observers who have been demanding leadership change at the BlackBerry maker, while Dow Jones reported that RIM is hoping that its PlayBook will be a hit among car drivers.
However, Yellow Media Inc. slumped 6.4 per cent to new lows amid concerns about the financial health of the company.