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TSX rises as higher gold and oil support resource stocks

TSX rises as higher gold and oil support resource stocks

TORONTO: Canada’s main stock index rose on Friday as gold stocks rallied, while energy stocks also gained after oil turned higher.

The most influential movers on the index included Barrick Gold Corp, which rose 5 percent to C$24.16, and Goldcorp Inc, which advanced 4 percent to C$25.06.

Spot gold rose 0.8 percent after US nonfarm payrolls data for April came in weaker than expected, boosting expectations the Federal Reserve will delay further interest rate increases.

Suncor Energy Inc, which cut production this week due to a major wildfire in Canada’s oil sands region, snapped a five-day losing run. Its shares rose 2.2 percent to C$33.88, while the overall energy group rose 1.5 percent as oil prices turned higher.

US crude futures rose 0.7 percent to $44.62 a barrel, while Brent added 1.0 percent to $45.46.

The out-of-control wildfire has consumed entire neighborhoods in the Alberta oil town of Fort McMurray and threatened two oil sands sites south of the city.

Production cuts in Alberta’s oil sands due to the fire may make Canadian growth stall in the second quarter, economists warned.

At 10:40 a.m. EDT (1440 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 91.52 points, or 0.67 percent, to 13,723.53. Five of the index’s 10 main groups were higher.

The index is on track to fall 1.6 percent for the week after touching a six-month high last Friday at 13,972.62.

Financials rose 0.2 percent, while industrials were up 1 percent. Shares of SNC-Lavalin Group Inc rose 4.7 percent to C$47.825.

The engineering and construction company reported on Thursday a higher than expected profit for the first quarter as cost cuts helped margins amid lower spending by customers in its core energy business.

Valeant Pharmaceuticals International Inc fell 8 percent to C$40.92.

The company said on Thursday it has formed a new committee to oversee pricing of its drugs.

The Canadian labor market stalled in April as the major oil-producing province of Alberta shed still more jobs in the natural resource sector, data from Statistics Canada showed.

Copyright Reuters, 2016

Courtesy : BRecorder



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