TSX notches a nearly six-week high, led by resource shares

Tue Apr 4, 2017 5:28pm EDT
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index advanced on Tuesday to a nearly six-week high as gains in gold and oil prices helped boost the shares of mining and energy companies.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 84.67 points, or 0.54 percent, at 15,669.07, its highest close since Feb. 23.

Gains for the index came even as investors on Wall Street stayed on the sidelines ahead of first-quarter earnings season and remained cautious over President Donald Trump's ability to deliver on promises such as tax reform.

"Today serves as a good example of just how attractive the Canadian market is when global investors or domestic investors look around the landscape," said James Robertson, managing director, portfolio solutions group at Manulife Asset Management.

"We are getting a synchronized global recovery ... Canada is going to benefit from that overall economic growth."

Gold prices rose to a one-month high before paring some gains as Trump laid out aggressive plans for infrastructure spending and deregulation.

Expectations of a drawdown in U.S. crude and product inventories helped oil prices push further above $50 a barrel.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent, while the energy group climbed 1.5 percent.   Continued...

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