August 12, 2011 / 9:18 PM / 6 years ago

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

2 Min Read

* 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.

Baytex Energy Co BTE.TO jumped 5.2 percent to $50.24, and Talisman Energy TLM.TO, rose 1.6 percent at C$16.96.

But a hefty drop in gold mining shares kept the broader index in check as gold prices extended losses on Friday, dragging the materials sector down 0.6 percent as a group.

Goldcorp (G.TO) topped the list of decliners, shedding 2.4 percent to C$49.48, followed by Barrick Gold (ABX.TO), down 1.3 percent at $49.12. The gold-mining sub-group fell 1.6 percent as a whole.

The Toronto Stock Exchange S&P/TSX composite index .GSPTSE closed up 2.4 points, or 0.02 percent, at 12,542.20, with seven of the index's 10 main groups were higher.

Earlier in the session it rose as high as 12,603.54, the strongest point in over a week. ($1=$0.99 Canadian)

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