Log In

Reset Password
BERMUDA | RSS PODCAST

Energy boosts TSX

TORONTO (Reuters) - The Toronto Stock Exchange's benchmark index ended more than 100 points higher yesterday, as the materials and energy sectors were energized by robust metals and oil prices.

The S&P/TSX composite index rose 112.41 points, or 0.8 percent, to close at 13,795.69.

"This is a day of relief," said Brian Pow, vice-president and research and equity analyst at Acumen Capital Partners in Calgary.

"It's just a matter of seeing if we can sustain this or if there's any bad news out there that can really wipe it off the trail."

The materials sector, which includes gold miners, added 3.3 percent as most metal prices rose. The energy sector, which accounts for nearly 30 percent of the overall index, advanced one percent.

"Gold is the jewel in the crown," said John Kinsey, portfolio manager at Caldwell Securities Ltd.

"It broke out two days a go and yesterday it sort of tucked back in a bit, but today it just blasted through there."

Gold futures shot up more than $14, ahead of US payroll data, due today, which could weaken the greenback. Goldcorp Inc was up C$1.96, or 7.8 percent, at C$27.21, while Barrick Gold Corp gained C$3.06, or 8.7 percent, to C$38.10.

U.S. crude oil futures settled up 57 cents at $76.30 a barrel, after rising as high as $77.43, as data showed US crude stocks fell sharply last week while gasoline inventories dropped to their lowest level in two years. Mideast tensions also helped push prices higher.

Canadian Oil Sands Trust gained C$1.57, or five percent, to C$32.89, while EnCana added 85 Canadian cents, or 1.4 percent, to C$63.05.

The influential financial sector was down 0.3 percent as investors took some profits.

Royal Bank of Canada shares slipped four Canadian cents to C$53.96 after its subsidiary, RBC Centura Inc, said it had agreed to buy US bank Alabama National in a deal valued at $1.6 billion.

Third-quarter profit at Laurentian Bank of Canada rose almost four-fold on the back of strong retail loan growth. Shares of Laurentian slipped 88 Canadian cents, or 2.32 percent, to C$36.97. Market volume was a healthy 399.6 million shares worth C$7.2 bn. Advancers outpaced decliners 975 to 602. The blue chip S&P/TSX 60 index closed 6.80 points higher, or 0.9 percent, at 800.68.

The Dow Jones industrial average rose 57.88 points, or 0.4 percent, to close at 13,363.35. The Nasdaq composite index added 8.37 points, or 0.3 percent, to close at 2,614.32.