The Canadian stock market Monday after the Greek parliament passed a package of harsh austerity measures in order to secure a second bailout that will hopefully save the country from bankruptcy.
The S&P/TSX Composite Index slightly approached 9.27 points up, or 0.07 percent, at 12,398.69 while the S&P/TSX Venture Composite Index lost 4.19 points, or 0.25 percent, at 1,649.36, as gold stocks moved into the red and other sectors offset the gains amid doubts as to when Greece would actually get the money.
The Greek Parliament voted early Monday to approve a package of austerity reforms, marking a key step toward securing a second bailout worth 130 billion euros from the European Union, International Monetary Fund and European Central Bank.
Greece needs the money to avoid a potential default on a 14.5-billion-euro bond redemption in March. Sunday’s vote clears one of the hurdles the Greek government must overcome to qualify for the bailout.
The vote came amid escalating public protests against the reforms, which include job and salary cuts for government workers, pension reforms and other measures to reduce government spending.
Relief over the Greek austerity vote had earlier extended to commodity markets but copper and gold prices still lost early gains at the end of day.
March copper was down 0.6 percent to 3.84 U.S. dollars a pound, but the base metals and mining sector was still ahead 0.1 percent. First Quantum Mineral improved by 3.48 percent to 22.02 Canadian dollars.