TSX rises, energy leads broad rally as oil climbs

Fri May 19, 2017 5:10pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose on Friday, extending its rebound from a 5-month low set intraday the day before, with energy shares leading a broad-based rally ahead of the Victoria Day holiday long weekend as oil prices rose.

The Toronto Stock Exchange's S&P/TSX composite index closed up 181.26 points, or 1.19 percent, at 15,458.46.

"The TSX is doing really nicely heading into the long weekend," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

Investor sentiment toward Canada became less negative after the index had been pressured earlier in the week by the prospect of a renegotiation of the North American Free Trade Agreement, Cieszynski added.

On Thursday, the Trump administration set the clock ticking toward a mid-August start of renegotiations of NAFTA and the TSX hit its lowest intraday level since Dec. 7 at 15,164.73.

For the week, the index fell 0.5 percent.

Canadian economic data showed the country's annual inflation rate held steady in April, while March retail sales climbed more than expected, suggesting consumer spending was holding up.

The energy group jumped 2.5 percent, bolstered by higher oil prices, with Enbridge Inc gaining 1.4 percent to C$53.51.   Continued...

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