TSX barely adds to near 16-month peak

Thu Oct 20, 2016 5:12pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index inched higher on Thursday after hitting a near 16-month peak the previous day, as modest gains in heavyweight gold mining and banking stocks helped offset weakness among consumer and industrial names.

The energy sector also provided a lift, despite oil prices falling on the day, as investors bid up some shares in light of a broader push higher for crude.

"This is a fairly important change with the price of oil through $50 (a barrel) and looking like it's probably going to hold," said Paul Taylor, an investment strategist for BMO Harris Private Banking.

Suncor Energy Inc was among the most influential gainers, up 1 percent to C$38.77.

Altagas Ltd advanced 4.3 percent to C$34.96 after posting strong quarterly earnings.

The Toronto Stock Exchange's S&P/TSX composite index closed up 7.43 points, or 0.05 percent, at 14,847.92. It has not closed that high since June 25, 2015.

Goldcorp Inc gained 1.2 percent to C$20.35 and Kinross Gold Corp added 3 percent to C$5.18, even as gold prices eased after three days of gains. [GOL/]

BMO's Taylor said money is starting to move out of sectors such as utilities and telecoms, while fears about the health of the Canadian economy weigh on consumer names.   Continued...

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