CANADA STOCKS-TSX closes slightly higher, led by oil and gas

Fri Aug 12, 2011 5:16pm EDT
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* TSX up 2.4 points, or 0.02 percent, at 12,542.20

* Up 3.1 percent on the week, volatility high

* Gold shares weaken with bullion (Recasts. Adds analyst comment, details)

By Trish Nixon

TORONTO, Aug 12 (Reuters) - Toronto's main stock market index closed slightly higher on Friday, extending its rally to four straight days, as stronger energy shares offset lagging gold-miners.

Canadian equities lagged gains by U.S. stocks. But after sliding on Monday to their lowest level in nearly a year, Canadian shares managed to close the week up more than 3 percent.

"Canada has done really well this week in terms of both absolute performance, and in terms of relative performance compared to the U.S. and indeed to Europe," said Gavin Graham, president at Graham Investment Strategy.

"We were up when the Dow was down 500 points, thanks largely to gold, and that has led to some profit taking."

The energy sector led the gains on Friday, rising 0.27 percent, with oil and gas producers among the top ten influential gainers.   Continued...