CANADA STOCKS-TSX gains for fifth session as resources climb

Tue Jan 27, 2015 4:54pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 36.05 points, or 0.24 percent, at 14,833.88

* Six of 10 main index sectors decline

* Barrick, Goldcorp climb with bullion price

By John Tilak

TORONTO, Jan 27 (Reuters) - Canada's main stock index extended its gains to a fifth straight session on Tuesday as weakness in the U.S. dollar helped drive up prices of commodities such as oil and gold, boosting shares of natural resource producers.

Brent crude oil prices jumped nearly 2 percent, and the bullion price added more than 1 percent. The gains helped offset concerns about the Greek election results and sluggish U.S. earnings reports.

The benchmark TSX index's recent string of advances comes after an unexpected interest rate cut by the Bank of Canada last week. The index is up slightly this year.

"The U.S. market is the sole beacon of prosperity in the global equity space, and there is very little doubt that much money will be going into chasing U.S. equities," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.

"Given the looming headwinds for the Canadian market, one has to be cautious," he added, noting that the effect of lower oil prices on the Canadian economy might be significant.   Continued...