Movement Of Energy Stocks In Canada

According to the charts energy stock in Canada seems to be rising

. People are taking it as a positive move before the meeting of Finance Ministers of seven strong industrialized powers of the world.

Mark Carney, Governor of Bank of Canada will also be present at this meeting to discuss the European debt crisis. The G7 teleconference is being held due to the damaging economic state in Spain which in turn has led to the global crisis.

Bank of Canada has announced to keep its interest rate as 1%, which is the same as before. Traders have welcomed this decision in an environment where the economic conditions are determining.

The other banks have also kept their interest rates quite low. The banks have taken this step to combat the worst global recession in the last 50 years.

There is a rise of more than 40% in S&P/TSX in the last 12 months period.

Greg Eckel, money manager of Morgan Meighen & Associates Limited, Toronto has said the real low interest rate environment should be maintained for some time.

Energy stocks rose by 41.14 pints. As a result the Canadian Dollar has risen up by 0.18 of a cent to 96.36 cents.

Suncor Energy, a leading company in Canada has shown a rise in the stock prices from $18.35 to $48. Experts predict that the prices will rise beyond a mark of $50 in the days to come.

Birchcliff Energy Limited has seen a rise of 5.2%.Uranium mining company Cameco Corp has seen a gain of 1.4% after the speculations of rise in the uranium prices. They are expecting to increase the production by 81% in the quarters to come.

Cenovus Energy Inc, the producer of oil climbed 3.3% in the recent past. This company has contributed the most to S&P/TSXs gain.

Cameco responsible for mining in Canada and US has moved up by 1.4%.

As 45% of the Canadian Stock market comprise of Energy and raw materials Company, the rise in their stocks is a good sign for the market itself.

Most of the economic Analysts at Raymond James Financial Inc, Genuine Capital Markets and Paradigm Capital Inc. opine to hold the Energy Stocks to gain maximum benefits.

Ian Nakamoto said that, there is confidence that rates are going to stay low for an extended period of time. He also added that, anything that helps Unites States and world economies grow also helps Canada because we are a major exporting nation

The good news have come after Plus petrol S.A has taken over Petro Andina resources. After this activity the index has risen by 1.4%.

There is an 11% rise in Petro Andina Resources and an overall rise of 15 in the energy sector.

An investor has to keep a watch on the Canadian market and especially on the energy stocks.

Trade Experts advise to buy the energy sector shares and hold them. Those who have already bought the stocks are advised to hold for some time to reap maximum gains.

by: Patrick85

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