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Commodities boost Canada
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March 10, 1999: 5:14 p.m. ET
Oil and gas, forest products skyrocket, taking Montreal and Toronto along
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NEW YORK (CNNfn) - Strong forest products and oil and gas stocks helped push the Toronto Stock market higher on Wednesday.
The Toronto Stock Exchange's key 300 Composite Index rose 84.23 points, or 1.3 percent, to 6,572.60.
The strong rise for the oil group was fueled by a jump in Brent crude-oil futures. Gulf Arab oil ministers said after a meeting on Tuesday that production cuts should be "considerable" and sufficient to cut excess stocks.
"Right now oils are shining a little light in here," said James Niosi, a trader at Charles Schwab Canada. "This is a good thing. We're seeing some resilience out of that sector."
The scenario in Montreal was equally rosy, as the benchmark Portfolio picked up 52.43 points, or 1.51 percent, to round out the day at 3,520.36.
Further west, the gains in Vancouver were slightly more tempered. The Composite gained 1.34 points, or 0.32 percent, to 422.60.
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