TSX rises to new 2016 high as commodities rally

Fri Mar 4, 2016 5:39pm EST
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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: Quote) 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...

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