TSX rises to new 2016 high as commodities rally
By Fergal Smith
TORONTO (Reuters) - Canada's benchmark stock index rose to a new high for 2016 on Friday, scoring a 3.2 percent weekly gain as resource stocks tracked commodity prices higher and after data showed a better-than-expected U.S. jobs gain and record Canadian exports.
Energy stocks climbed nearly 3 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent after some gains were pared.
Resource stocks are "on fire" after the stronger-than-expected U.S. jobs data, said Julie Brough, vice president at Morgan Meighen & Associates.
Some of the stocks were so "wiped out" it takes very little positive news to give them a boost, she added.
The most influential movers on the index included Canadian Natural Resources Ltd (CNQ.TO: Quote), which rose 4.7 percent to C$34.40, while Enbridge Inc ENB.TO added 3.4 percent to C$48.91.
U.S. crude CLc1 prices settled nearly 4 percent higher at $35.92 a barrel.
Goldcorp Inc (G.TO: Quote) rose 0.7 percent to C$20.17 after the price of gold XAU= reached a 13-month high in a seesaw session before ending near flat. [GOL/]
Copper prices CMCU3 climbed to their highest in four months together with broader strength for industrial metals. [MET/L] Continued...