CANADA STOCKS-TSX notches biggest weekly gain since mid-May

Fri Jul 17, 2009 5:48pm EDT
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* TSX rises 0.63 percent to 10,369.42, up for 5th day

* Advances 6.3 percent for the week

* U.S. housing report spurs oil rally (Adds details, quotes)

By John McCrank

TORONTO, July 17 (Reuters) - Toronto's main stock index finished higher for a fifth straight session on Friday as firmer oil and metal prices boosted resource issues.

The TSX added 6.3 percent for the week, its biggest weekly gain since mid-May.

The price of U.S. crude oil CLc1 rose 2.5 percent to settle at $63.56 a barrel on the back of a report that showed construction of new U.S. homes and building permits rose more than expected in June, signaling a potential economic recovery. [ID:nSYD400097]

Suncor Energy SU.TO the biggest heavyweight gainer, rose 3.5 percent to C$33.95, while Canadian Natural Resources CNQ.TO gained 2.4 percent to C$63.01.

The S&P/TSX composite index .GSPTSE closed up 65.00 points, or 0.63 percent, at 10,369.42. Five of the TSX's 10 main groups were higher, with energy gaining 1.73 percent and materials rising 1.39 percent.   Continued...