05.01.2017 22:25:44
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TSX On Verge Of All-Time High, Gold Stocks Surge -- Canadian Commentary
(RTTNews) - Canadian stocks continued to rise Thursday, with Toronto's main index nearing its all-time high.
The S&P/TSX Composite Index was up 69.83 points, or 0.45 percent, to 15,586.58 its highest in 20 months.
However, the advance was fueled by skyrocketing gold stocks. The Gold Index was up 6 percent, as gold prices touched their highest in five weeks. Rising gold prices can be seen as evidence of some anxiety in the markets as the U.S. transitions to a new president.
Financials were flat today, preserving recent gains, but energy stocks slipped despite rising crude oil prices.
Power Corporation of Canada (POW.TO) announced it has entered into an agreement to acquire an additional 3.9% equity interest in China Asset Management Co., Ltd. (China AMC) for C$179 million from a Chinese state-owned enterprise. The stock was flat.
Penn West Petroleum Ltd. (PWT.TO) announced David Hendry, Penn West's Vice President of Finance for the last two years, will assume the position of CFO. Penn West also announced its 2017 total capital budget of $180 million, up from last year. Shares rose 3.7 percent.
Kelt Exploration Ltd.(KEL.TO) has agreed to sell Karr properties for $100 million. The stock added 6 percent.
BlackBerry (BB.TO) has signed a partnership with Rudy Giuliani's consulting firm. The stock was down 0.3 percent.
On the economic front, a report from Statistics Canada showed this morning that the Canadian industrial product price index increased by 0.3 percent in November.
China's private sector expanded at the fastest pace in 45 months in December as both manufacturers and services providers reported stronger increases in business activity.

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