Bargain Hunting Lifts Canada Shares

Key U.K. index gains on rate cuts; Tokyo shares rise ahead of government's loan-rescue package

Canadian stocks closed higher as recent price drops led to bargain hunting. Dell's expectation to meet reduced Q1 estimates, as opposed to guiding lower, also fueled buying, particularly among tech-related stocks. The TSE 300 rose 156.85 points to 7572.30. The S&P/TSE 60 rose 9.75 points to 442.11. Breadth was 788-409 positive. Most sectors advanced, with only Gold & Precious Minerals and Pipelines losing ground. Government of Canada bonds weakened. The June Canadian dollar settled lower at 63.53 cents vs. the U.S. dollar. May crude settled up $0.14 at $27.26. April gold settled down $0.30 at $258.10.

The Financial Times-Stock Exchange 100 index closed up 86.10 points, or 1.56%, to 5621.80 as the Bank of England cut the key rates 25 basis points. In Germany, the DAX Index ended higher by 178.92 points, or 3.20%, to 5776.58. In France, the CAC 40 gained 86.74 points, or 1.71%, to 5158.56.

In Japan, the Nikkei finished up 138.60 points, or 1.05%, to 13381.38. The Hang Seng lost 520.51, or 4.14%, to 12063.71.

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