TSX rises on higher gold and oil; ends lower for the week

Fri May 6, 2016 4:56pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose on Friday as gold shares rallied after data tempered Federal Reserve rate hike expectations, while energy stocks also gained after oil prices turned higher.

The most influential movers on the index included Barrick Gold Corp, which rose 3.6 percent to C$23.83, and Goldcorp Inc, which advanced 2.8 percent to C$24.78.

Spot gold rose 0.8 percent after weaker-than-expected U.S. jobs data boosted expectations the Fed will delay further interest rate increases.

About one-third of Canada's daily oil sands crude capacity was knocked out and some pipelines were closed as a wildfire ravaged the oil town of Fort McMurray in Alberta. However, production facilities have not been in the fire's path.

"If they control the fire they should be able to get people up there to run those facilities and get that stuff online again," said Manash Goswami, portfolio manager at First Asset Investment Management Inc.

Suncor Energy Inc, which cut production this week due to the wildfire, snapped a five-day losing run. Its shares rose 2.1 percent to C$33.84.

Enbridge Inc shares rose 0.7 percent to C$50.69. The company filed a request with Canada's national energy regulator for an extension of its permit for the proposed Northern Gateway project.

The energy group rose 0.9 percent as oil prices turned higher. U.S. crude futures settled at $44.66 a barrel, up 0.77 percent.   Continued...

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