For the 3rd consecutive day, Canadian stocks have surged ahead. Today’s gain was mainly triggered by the banks as the Finance Ministers of Euro region sat together for the 1st meeting in 2013 in an attempt to come up with a solution to the debt crisis problem of this region. The benchmark gauge of Canada has already increased by 2.7% right in 2013 and today, it jumped ahead by 43.19 points. The gauge is at 12768.88 currently. The US markets are closed today because of it being the Martin Luther King Jr. Day.
Incidentally, meeting of the European Finance Ministers will be held in Brussels and assessments of different countries such as Greece, Spain and Cyprus are expected to take place. Apart from that, they will try to come to an agreement over the $666 billion European Stability Mechanism. It is expected to be discussed that when this Mechanism will bypass the Governments and will be helping the banks directly.
According to David Cockfield, who is the Fund Manager and Managing Director of Northland Wealth Management, many investors don’t consider European markets that much important as they used to, a year ago. David added that the current market condition is not something that will upset investors, rather, people who were on the edge, have started to come back into the picture.
Both the Royal Bank of Canada and the Bank of Nova Scotia increased by 0.7%. On the other hand, maker of the Blackberry 10 line smartphones, Research In Motion saw a jump of 10% in it share prices, thanks to the Die Welt report that stated that the Chief Executive Officer of the company, Thorsten Heins may arrange a sale of the hardware production. As Golden Predator Corp. has decided to make a transition to a royalty mining company and as part of this transition, has already changed its name to Gold Bullion Royalty Corp., the shares saw a surge of 7.6%. On the other hand, the Home Improvement retailer of Canada, Rona Inc. shares also went ahead by 3% as it declared the name of its new executive chairman. The wealth management company Gluskin Sheff has also advanced by 5.9% as it declared the semiannual dividend to be 65 Canadian cents for every share. The company earned C$34 million as performance fees in the last 6 months of 2012.