Toronto Stocks Rebound as Brexit Fallout Eases

   By Ezequiel Minaya 
 

Canadian stocks finished higher Tuesday, stemming recent losses as the global selloff triggered by the U.K. vote to leave the European Union eased and markets stabilized.

Overall, the S&P/TSX Composite Index gained 152.90 points, or 1.1%, to 13842.69. Advancers led decliners 1,187 to 448. Trading volume was 355.1 million shares, compared with 453.4 million on Monday.

The blue chip S&P/TSX 60 Index closed up 9.53 points, or 1.2%, at 805.64.

The gains followed two days of losses that erased $3 trillon from global stock markets as the Brexit vote last week weighed on the outlook for Europe.

Even as markets settle down, volatility stoked by the historic referendum, however, is likely to remain as the ramifications of the U.K.'s exit from the EU become clearer.

Gold stocks were among the notable losers Tuesday in Canada as the demand for safe-havens eased. Iamgold Corp. fell 4.4%, and NovaGold Resources Inc. lost 4.3%.

Energy stocks were among the bigger gainers, boosted by a weaker U.S. dollar and a production strike in Norway. Baytex Energy Corp. rose 8.8%, and MEG Energy Corp. climbed 8.7%.

Other companies whose shares made strong moves were Trinidad Drilling Ltd., Teck Resources Ltd., First Quantum Minerals Ltd. and HudBay Minerals Inc.

National Bank upgraded Trinidad Drilling to outperform after the company announced an amended credit facility and debt covenants. Trinidad Drilling shares increased 3.7%.

Copper prices hit an eight-week high on Tuesday, helping shares of copper producers like Teck Resources, up 3.1%; First Quantum, up 7.9%; and HudBay, up 4.5%.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

June 28, 2016 16:42 ET (20:42 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.