TSX at one-week high as Couche-Tard, financials gain

Mon May 4, 2015 4:55pm EDT
 
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By Solarina Ho and John Tilak

TORONTO (Reuters) - Canada's main stock index hit a one-week high on Monday, helped by strength in the financial sector and shares of Alimentation Couche-Tard (ATDb.TO: Quote).

Convenience store operator Couche-Tard was by far the most influential gainer on the index. Its shares climbed 4.6 percent to C$47.59, recouping some of last week's losses, after the company issued a statement to clarify that the Circle K Corp referenced in a Chapter 11 bankruptcy filing in the United States was not its subsidiary.

Other influential movers on the index included Manulife Financial, which rose 1.3 percent to C$22.39, and Bank of Nova Scotia, which advanced 0.5 percent to C$67.13. The heavily weighted financials, which make up about a third of the index's weight, climbed 0.5 percent.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 27.7 points, or 0.18 percent, at 15,367.47. Of the index's 10 main groups, seven rose.

“There will be periodic swings, bouts of volatility, but overall the trend will be positive,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.

After plunging more than 50 percent last year, crude prices have slowly recovered some of their hefty losses. They touched their highest level in 2015 on Monday before pulling back slightly.

U.S. crude CLc1 prices were down 0.3 percent, while Brent crude LCOc1 was little changed. [O/R]

Energy stocks were down 0.2 percent, with Canadian Natural Resources (CNQ.TO: Quote) shares falling 0.9 percent to C$39.60.

(Reporting by Solarina Ho; Editing by Ted Botha and Meredith Mazzilli)

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch