Energy shares, BlackBerry push TSX higher

Wed Jan 22, 2014 4:43pm EST
 
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By John Tilak

TORONTO (Reuters) - Canada's main stock index climbed on Wednesday on gains in the energy sector as the price of oil rallied and in BlackBerry (BB.TO: Quote) after the smartphone maker announced plans to divest some real estate holdings.

Oil benefited as TransCanada Corp (TRP.TO: Quote) opened a new pipeline from Oklahoma to the Gulf Coast, commissioning the $2.3 billion project that is expected to help eliminate a bottleneck that has warped the U.S. oil market for three years. The move helped drive TransCanada shares higher.

Investors took note of the Bank of Canada's announcement that it would leave its main overnight rate unchanged. The central bank said it was more concerned about weak inflation than it was three months ago and stated that its next move on interest rates could be either down or up, depending on economic data.

The Toronto Stock Exchange's benchmark index, which has gained in six of the last seven trading sessions, is up about 2.7 percent this year.

"The mood out there is upbeat. People are busy, and money is being put to work in an orderly fashion," said Diana Avigdor, portfolio manager and head of trading at Barometer Capital Management.

"This is a good, robust market since the beginning of the year," she said.

The S&P/TSX composite index .GSPTSE closed up 36.43 points, or 0.26 percent, at 13,988.20.

"Clearly we're seeing a bit more confidence from domestic investors," said Craig Fehr, Canadian market strategist at investment firm Edward Jones in St. Louis, Missouri. "The equity investment environment continues to be relatively favorable."   Continued...

 
A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch