Resource stocks help TSX gain; financials weigh

Fri May 15, 2015 4:51pm EDT
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index gained on Friday as a broad rally led by oil and gas, mining, and industrial stocks offset weakness among large-cap banks and insurers.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE added 80 points, or 0.53 percent, to 15,108.12. It ended the week off 0.4 percent.

Energy stocks gained despite mixed price action in crude markets that had traders and investors debating whether a recent rally could continue amid stubbornly high supplies. [O/R]

Among the biggest gainers were pipeline companies Enbridge Inc (ENB.TO: Quote), up 2.3 percent at C$61.84, and TransCanada Corp (TRP.TO: Quote), which gained 1.8 percent to C$54.59.

Smaller energy issue Canadian Energy Services & Technology Corp CEU.TO surged almost 19 percent to C$6.66 after it declared a dividend and its earnings beat expectations.

Overall, energy stocks, which make up 20 percent of the index, rose 0.7 percent. Industrials added 1 percent, with Canadian National Railway Co (CNR.TO: Quote) up 1.9 percent at C$74.96.

The materials group, home to mining companies, rose 0.5 percent, with Potash Corp (POT.TO: Quote) up 2.3 percent at C$39.63.

Valuations have broadly risen recently in anticipation of stronger economic growth and a clearer picture for commodities in the back half of the year.   Continued...

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch