MW: Canadian stocks rebound slightly after last week's losses
SAN FRANCISCO (MarketWatch) -- Canadian stocks gained on Monday, reversing some of last week's losses.
The S&P/TSX composite index (CA:ISPTX 11,374, +30.94, +0.27%) rose 0.3% or 34 points to a level of 11,381.
The index measuring financials (CA:ITTFS 168.03, +0.96, +0.58%) improved 0.4%. The Bank of Nova Scotia (CA:BNS 45.16, +0.56, +1.26%) gained 0.7% after an analyst from Macquarie Research analyst upgraded the stock to neutral from underperform on Monday.
Crude-oil futures rose slightly on Monday, stabilizing after falling 5% last week, Crude for March delivery recently added 32 cents, or 0.4%, to $74.86 a barrel.
Suncor energy (CA:SU 35.30, +0.08, +0.23%) rose 0.2% while Teck Resources Limited gained 1.73%.
Gold for February delivery climbed to $1,097.40, up $7.70, and the metals and mining sector index (CA:ITTMN 1,051, +0.19, +0.02%) followed, rising 0.72% after losses last week.
Shares of New Gold (CA:NGD 4.52, +0.04, +0.90%) rose 2.47%. The company announced in a note on Monday it had set a new production record in 2009 and will ramp up its production up to 20% this year, or 360,000 ounces at a total cash cost of between $445 and $465 per ounce sold.
Shares of Yamana Gold (CA:YRI 11.30, -0.08, -0.70%) fell 0.5% and Barrick Gold (CA:ABX 38.69, -0.04, -0.10%) (ABX 36.37, -0.13, -0.36%) fell 0.1% after earlier losses.
On Wall Street, U.S. stocks pared earlier gains when the National Association of Realtors released data showing a bigger-than-expected drop in existing home sales in December.
The loonie weakened on Monday, with one U.S. dollar buying C$1.05, up 0.3%.
