TSX edges higher boosted by energy
TORONTO (Reuters) - Toronto's main stock index ended a higher on Thursday, as stronger metals and energy prices boosted the index's resource sectors, while financial stocks rebounded from weakness in the previous session.
"Commodities are better, and the US dollar's a little weaker," said Bruce Latimer, a trader at Dundee Securities.
"I think there's a little last-minute (stock) shopping going on."
The S&P/TSX composite index ended the holiday-shortened session up 95.91 points, or 0.82 percent, at 11,754.61, rising into the close.
It was the fourth-straight day of gains for the index, which has strengthened recently on the back of encouraging economic data and strong resource prices.
However, analysts warn not to read much into the market activity, as pre-holiday trading volumes have thinned , while fund managers have busied themselves rebalancing their portfolios.
The market closed early at 1 p.m. ahead of Christmas and Boxing Day holidays, and will reopen tomorrow.
Markets will be closed again on Friday, January 1.
All but one of the 10 TSX subgroups finished the session higher, with the energy and financials subgroups providing the biggest upward push, rising 0.98 percent and 0.95 percent, respectively.
Oil prices climbed above $77 a barrel for the first time in three weeks, helped by lower US inventories.
EnCana Corp. drove the energy sector, rising 1.9 percent to C$34.49, while Bank of Nova Scotia helped support financials, gaining 1.4 percent to C$48.95.
Materials stocks rose 0.6 percent as both copper and gold prices strengthened.
Goldcorp rose 1.4 percent C$42.73 after raising its offer for Canplats Resources Corp., and receiving acceptance from the company.