Canadian Stocks Approach Yearly Highs -- Canadian Commentary

(RTTNews) - Canadian stocks rose for a third consecutive session, nearing all-time highs on hopes the U.S. recovery will pick up the pace.

The ISM said its U.S. purchasing managers index crept up to 53.7 in March from 53.2 in February, with a reading above 50 indicating growth in the manufacturing sector.

And the recovery in the Eurozone manufacturing sector extended into its ninth consecutive month in March, final data from Markit Economics showed Tuesday.

The S&P/TSX Composite Index rose 45.24 points to 14,380.55, led by industrials and consumer discretionary stocks.

The index approached a yearly high of 14,406.90 before hitting resistance.

In corporate news, Magna International Inc. (MG.TO) has filed a shelf prospectus with the regulators in Canada and the U.S., for raising up to US$2 billion in debt. The stock is up 2.8 percent.

Kinross Gold Corporation (K.TO) was up fractionally. Kinross said on Monday that initial costs towards expanding its Tasiast gold mine will work out to $1.6 billion, lower by 40 percent from the initial estimate.

Tethys Petroleum Limited (TPL.TO) posted a narrower loss for the full year 2013, with a 10 percent increase in oil and gas revenues. The stock dropped 7.3 percent.

Kingsway Financial Services Inc. (KFS.TO) has priced the initial public offering of about 1.89 million shares of its common stock at $8.00 per share for its wholly owned subsidiary 1347 Property Insurance Holdings, Inc. or "PIH".

Descartes Systems Group (DSG.TO) said that it acquired Computer Management USA, US-based provider of security filing solutions and air cargo management solutions for airlines and their partners, for $6.6 million in cash.

Immunovaccine Inc. (IMV.TO) and Pfenex Inc. announced positive results from anthrax challenge studies in rabbits using Pfenex's mutant recombinant Protective Antigen (mrPA) formulated with Immunovaccine's DepoVax delivery system.

Imperial Metals Corp (III.TO) reported on Monday that quarterly net income declined to C$8 million or C$0.11 per share, from C$11.7 million or C$0.16 per share in the prior year.

Mercator Minerals Ltd (ML.TO) reported fourth-quarter net loss of C$11.5 million or C$0.03 per share, compared with a loss of C$115 million or C$0.44 per share last year. Results for the prior-year quarter included asset impairment charges of C$120 million.