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June 2, 2010, 7:14 p.m. EDT

Canadian stocks end high as Hudbay trades heavily

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By Rebecca L. McClay, MarketWatch

SAN FRANCISCO (MarketWatch) -- Canadian closed up Wednesday, as a rebound in metals and mining helped override a slightly bleaker outlook for the domestic housing market.

The S&P/TSX Composite Index gained 1.8%, led by the S&P/TSX Capped Diversified Metals and Mining Index , which gained 4.2%.

Shares of Uranium One soared 10.7% to $2.48 a share as Teck Resources rallied 4.2%. Demand for nuclear energy is increasing, particularly in Asia. See Commodities Corner for more on uranium prices.

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Exporters are positive, despite market turmoil

Global exporters and importers remain positive on trade, despite increasing concerns of shrinking demand amid financial market volatility. This bodes well for emerging markets, where Latin America is starting to get more attention than China.

Hudbay Minerals stock /zigman2/quotes/201019270/composite HBM -0.50% , which was up 5.9%, was among the most heavily traded stocks, trading at roughly 218% of its average daily volume. Nearly 4.8 million shares were traded, versus a daily average of 1.5 million.

Energy stocks showed increases along with energy prices. The S&P/TSX Capped Energy Trust Index rose 1.9%. Crude oil for July settled 28 cents higher, or 0.8%, to $72.86 a barrel Wednesday. See Futures Moves for more on energy prices.

Canadian stocks may have had a boost from a positive housing report in the U.S. Wednesday morning and a rebound in U.S. stocks.

The Canadian Real Estate Association lowered its forecast for domestic housing sales this year and next year, saying sales will likely increase by only 5.5% this year instead of the 13% it had predicted in February. The association now anticipates home sales will fall by 8.5% in 2011, and prices will fall in tandem.

Financial markets did not fare as well as the broader market. The S&P/TSX Capped Financials Index slipped by 0.5%.

The Canadian dollar appreciated 1.6% Wednesday, with one U.S. dollar purchasing C$1.0388.

Alimentation Couche-Tard Inc., a Quebec convenience store operator, announced it will take a bid it launched in April to take over Iowa-based Casey's General Stores Inc. /zigman2/quotes/208156554/composite CASY -2.10% to shareholders of Casey's, according to media reports. The hostile bid is for US$36 a share; Casey's closed Wednesday at US$36.39.

$ 8.02
-0.04 -0.50%
Volume: 1.09M
Jan. 20, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$2.11 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 184.75
-3.96 -2.10%
Volume: 364,869
Jan. 20, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$7.00 billion
Rev. per Employee

Rebecca L. McClay is a MarketWatch reporter based in San Francisco.

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