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Stockhouse @ the Bell: Stocks get housing boost as oil declines

Stockhouse Editorial
0 Comments| September 19, 2012

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Today in the markets

U.S. stocks closed higher Wednesday as strength in the housing sector helped to offset the impact of tumbling oil futures, and falling energy stocks.

Canada’s main index was also up, buoyed by banking and gold miner stocks, even though the fall in crude oil prices hurt energy shares.

The S&P/TSX Composite Index rose 14 points to 12,436.71, while the TSX Venture Exchange was up 18.93 points to close at 1,341.57.

Active stocks included Achillon Pharmaceuticals Inc. (NASDAQ: ACHN, Stock Forum), which rose 16% to $9.40 after Bank of America Merrill Lynch upgraded the company to buy from underperform.

In Canada, the energy sector declined with Talisman Energy Inc. (TSX: T.TLM, Stock Forum) falling 1.4% to $14.05. B2Gold Corp. (TSX: T.BTO, Stock Forum) was off 11% to $3.84. B2Gold said it plans to acquire CGA Mining Ltd. (TSX: T.CGA, Stock Forum) and its producing Masbate mine in a friendly all-stock deal worth $1.1 billion. CGA climbed 5.3% to $2.79.

For news about small stocks that made big moves in Wednesday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.



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