TSX nudges higher, led by materials as gold firms

Mon Oct 17, 2016 5:21pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index edged higher on Monday, led by gains for the materials group as gold rose, while lower oil prices weighed on the shares of energy companies.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent.

Teck Resources Ltd rose 3.7 percent to C$25.56, while Barrick Gold Corp was up 1.3 percent at C$20.86.

Spot gold firmed 0.4 percent as the U.S. dollar dipped after reaching an earlier seven-month high.

"Long term, I think gold will benefit ... from people wanting to have an investment position of some security," said Douglas Davis, vice chairman at Davis-Rea, who expects financial sector and geopolitical uncertainties to weigh on the stock market over the coming months.

Heavyweight financial sector stocks edged 0.1 higher, while the utilities group was up 0.6 percent.

The Toronto Stock Exchange's S&P/TSX composite index closed up 11.53 points, or 0.08 percent, at 14,596.52.

Five of the index's 10 main groups ended in positive territory.   Continued...

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