Industry News

Canadian stocks rally on gold mining stocks

A recent report from Reuters revealed that Canadian stocks posted their first gain in four sessions on June 12 due in part to gold mining stocks.

Pat McHugh, Canadian equity strategist at Manulife Asset Management, told the news source that overseas markets were up, with views that more programs that promote growth will come to the aid of the euro zone, which has been struggling as of late.

In addition, a new jet deal involving Bombardier helped push Canadian stocks.

"Their business jet business was decent, and this is just a cherry on top," Paul Hand, managing director at RBC Capital Markets, told the news source. "It's the commercial project that is the big question mark and has been the drag on the company."  

A report from MarketWatch revealed the S&P/TSX Composite Index climbed 55 points, or 0.5 percent, on the heels of gold mining stocks. Gold exploration is an important part of production on a global basis, with several regions leading the way including Alaska, British Columbia and the Sonora state in Mexico.