TSX at highest since August as oil, metals prices support

Mon Jun 6, 2016 6:15pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index hit a more than nine-month high on Monday as commodity price gains helped boost the index's heavyweight energy sector and base metal miners, although gold miners pulled back after last week's rally.

Oil prices rose for a third straight day, hovering around $50 a barrel and helping the index's energy group climb 1.8 percent.

The most influential gainers included Crescent Point Energy Corp CPG.TO, which rose 4.7 percent to C$22.86, and Enbridge Inc ENB.TO, up 1.2 percent at C$53.79.

Miners, hit hard last year by worries about demand that weighed on prices, were also among the biggest gainers.

"If you would have started this year off by buying yesterday's losers, the dogs of the TSX, the ones that got slammed and beaten up, you would have done OK," said Barry Schwartz, portfolio manager at Baskin Financial Services.

Diversified miner First Quantum Minerals Ltd FM.TO surged 10 percent to C$10.06 after last week completing the sale of a nickel, copper and platinum mine in Finland and refinancing a credit facility.

Teck Resources Ltd TCKb.TO jumped 7.4 percent to C$14.87, while fertilizer company Potash Corp POT.TO rose 6.2 percent to C$23.05.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 49.38 points, or 0.35 percent, at 14,276.16.   Continued...

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