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TORONTO – The Canadian dollar is trading near a nine-month high and stock markets are experiencing a late-morning surge.
The loonie was as high as 78.13 cents US at one point this morning, up 0.60 from Monday’s close.
It’s the first time since last July that Canada’s currency has been above 78 cents US.
At the Toronto Stock Exchange, the S&P/TSX composite index climbed 131.78 points or nearly one per cent, at 13,554.54.
4 reasons to love the low loonie »
In New York, the Dow Jones industrial average gained 150.08 points at 17,707.38, the broader S&P 500 composite index advanced 15.01 points to 2,057.00 and the Nasdaq composite added 27.96 points at 4,861.36.
The May crude contract was up 96 cents at US$41.32 per barrel and May natural gas jumped six cents at US$1.98 per mmBTU.
The June gold contract fell $1.80 to US$1,256.20 an ounce and May copper contracts rose four cents to US$2.13 a pound.
The post Loonie hits nine-month high at 78.13 cents U.S. appeared first on MoneySense.

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This company has lost some steam, making it a perfect time to jump in

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NEW YORK, N.Y. – With eight years left on their deal to broadcast the NCAA Tournament, CBS and Turner are tacking on another eight.
The extension announced Tuesday goes all the way through 2032. The length of the contract is not unusual for college sports these days, though with the NCAA facing legal challenges on multiple fronts, a lot can change in 16 years.
Provisions in the agreement protect CBS and Turner should the tourney start to look very different. But network executives hope this deal itself increases the odds that March Madness marches on mostly the same.
“One reason we’re confident the tournament will remain the premier event it is, is the financial underpinning that CBS and Turner are providing to the NCAA,” CBS Sports Chairman Sean McManus told The Associated Press.
The extension pays an average of $1.1 billion per season, up from more than $770 million on average under the current contract.
McManus and Turner President David Levy expressed confidence, too, in the value of the terms — what McManus called “a very prudent decision…

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VANCOUVER – Property developer Concord Pacific is the new owner of a prime piece of real estate on the south side of Vancouver’s False Creek, but its plans for the land may run into zoning trouble.
In a release, Concord Pacific senior vice-president Peter Webb confirms the purchase of the Molson Coors (TSX:TAP.A) brewery lands has been finalized, while media reports list the price as $185 million.
Webb says Molson will lease back the property while it builds a new brewery elsewhere in the Vancouver area.
The release from Webb does not mention condo construction, but says Concord will use that time to work with the community, city and regional officials on plans for a mixed-use development on the three hectare parcel.
Concord, which also operates an IT company, local telecom company and a firm creating green power projects across Canada, says its long-term vision for the property is to attract knowledge-based local and global tech companies.
The land is currently zoned for industrial use and Jag Sandhu, a spokesman for the City of Vancouver, says that zoning is not expected to change…

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