TSX rises on solid gains for resource stocks

Tue Nov 24, 2015 4:54pm EST
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose on Tuesday, as strength in energy and materials stocks offset weakness in other sectors, such as telecoms and industrials.

"Oil is up over a dollar and gold is up around $7 so that's helping our commodities," said John Kinsey, portfolio manager at Caldwell Securities Ltd.

The energy group climbed 1.9 percent after the downing of a Russian fighter jet near the Syrian-Turkish border pushed crude oil prices sharply higher.

Encana Corp (ECA.TO: Quote) advanced 6.5 percent to C$11.36, while Suncor Energy Inc SU.TO was up 0.9 percent at C$37.00.

The materials group rose 2.1 percent, led by a 3.4 percent gain for Barrick Gold Corp (ABX.TO: Quote) to C$9.84, helped by firmer base and precious metal prices.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 25.45 points, or 0.19 percent, at 13,407.83, with just four of the index's 10 main groups in positive territory.

On the other side of the scale sat BCE Inc BCE.TO, which declined 2.7 percent to C$56.45 after raising C$750 million in a rare bought-deal share sale.

The two main railway stocks were also a drag, including a 1.3 percent drop for Canadian National Railway (CNR.TO: Quote) to C$78.06.   Continued...

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