CANADA STOCKS-TSX ends week with 8th straight rising day

Fri Feb 19, 2010 5:27pm EST
 
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*TSX ends up 0.1 percent at 11,709.29

*Rise in financials, energy, outweighs falling gold miners (Adds details, official closing numbers, quotes)

By John McCrank

TORONTO, Feb 19 (Reuters) - Toronto's main stock market index edged higher on Friday, marking its eighth straight rising session, as gains in energy and financial issues outweighed a slide among gold miners.

Oil sands-focused company Cenovus Energy Inc CVE.N was the top heavyweight gainer of the day, up 3.3 percent at C$27.48, with Suncor Energy (SU.TO: Quote) the No. 3 gainer, up 0.8 percent at C$31.93.

Concerns that a strike in French refineries along with geopolitical tensions over Iran's nuclear situation led to supply worries, which pushed the price of U.S. crude oil futures higher for the fourth day in a row. [ID:nSGE61I077]

Financial shares were mainly higher on the notion that they will continue to benefit from the stronger Canadian economy, said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

Royal Bank of Canada (RY.TO: Quote) pushed up 0.6 percent to C$57.09 and Toronto-Dominion Bank (TD.TO: Quote) rose 0.4 percent to C$66.38. Manulife Financial (MFC.TO: Quote) gained 0.9 percent to C$19.65.

Trade was somewhat cautious as the market digested an unexpected hike in the U.S. Federal Reserve's discount rate, which is the rate at which the U.S. central bank lends to banks.   Continued...