By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) — Canadian stocks rose Tuesday, with their first win in four sessions supported by gains among mining and energy issues as prices for natural resources advanced after a rough prior session.
The S&P/TSX Composite Index rose 0.5% to 12,205.48, recovering a slice of the 1.9% it lost on Monday during which Europe’s debt troubles and the region’s impact on global growth weighed on sentiment.
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Toronto-Dominion Bank on Tuesday reduced its forecasts for Canadian and global growth for this year and 2012. It now expects Canadian growth of 2.2% this year, down from its previous outlook for 2.8%. It foresees 2012 growth of 1.9%, lower than the previous projection of 2.5%.
Energy stocks gained as October oil stretched its rise by more than 2% to settle at $90.21 a barrel on the New York Mercantile Exchange. Husky Energy Inc. rose 3.8% and EnCana Corp. rose 0.6%. See more about Tuesday's action in oil prices.
U.S. stocks find strength in tech
Stocks notched a second consecutive day of gains,Tuesday, led by the industrial and technology sectors, as investors kept an eye on the latest developments regarding Europe's debt woes. Steven Russolillo has details on The News Hub.
The S&P/TSX Diversified Metals & Mining Index climbed 1.4%, rising alongside prices for silver, platinum and palladium. Silver for December delivery rose 2.4% to $41.19 an ounce following its 3.4% slide on Monday. December copper edged up 0.1% to $3.97 a pound. See more in Metals Stocks.
But shares of Silvercorp Metals Inc. /zigman2/quotes/210397281/delayed CA:SVM -0.84% stumbled 20.3% to C$6.20 and topped volume movers on the composite index. The Financial Post reported Tuesday that Alfredlittle.com, a publisher of short-seller research on Chinese companies, posted a report suggesting Silvercorp has overstated its production and resources for the flagship Ying mine. Vancouver-based Silvercorp produces silver in China.
The Financial Post said Silvercorp dismissed the allegations as baseless.
The British Columbia Securities Commission on Friday confirmed it was investigating a separate, anonymous allegation against Silvercorp. Silvercorp said Monday its cooperation with the investigation is “an important first step towards mitigating the damage done to Silvercorp’s reputation.”
Gold for December delivery on Tuesday rose 0.9% to $1,830.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold lost 2.5% in the previous session.
Among gold stocks, Eldorado Gold /zigman2/quotes/207321207/delayed CA:ELD -0.33% gained 2.5% and Vista Gold Corp. /zigman2/quotes/202833852/delayed CA:VGZ +5.56% rose 2.3% to C$4.47. The shares reached C$4.50 during the session, a 52-week high.
Elsewhere, shares of Research In Motion Ltd. fell 0.9%. The BlackBerry maker’s quarterly financial results are due for release on Thursday. Read preview of RIM's results.