TSX ends higher as energy, mining shares jump

Fri Aug 28, 2015 5:59pm EDT
 
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TORONTO (Reuters) - Canada's main stock index climbed on Friday, driven by a surge in shares of energy and mining companies rebounding from the brutal selloff earlier in the week.

The benchmark index gained for a fourth straight session and ended the week nearly 3 percent higher.

The energy sector jumped 3.1 percent. Suncor Energy Inc (SU.TO: Quote) added 1 percent, and Canadian Natural Resources Ltd (CNQ.TO: Quote) rose 2.1 percent.

Still, fund managers were cautious about the prospects for the industry.

"I don't think we're out of the woods in any way," said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

"It's going to take a while for the supply and demand dynamics to rebalance."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 98.40 points, or 0.71 percent, at 13,865.07.

Barrick Gold Corp (ABX.TO: Quote) jumped 4.3 percent to C$9.44.

(Reporting by John Tilak; Editing by James Dalgleish)

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