CANADA STOCKS-TSX rises, supported by higher commodity prices after Yellen speech

Fri Aug 26, 2016 10:55am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details throughout, Fed Chair Yellen's speech, updates prices)

* TSX up 91.42 points, or 0.62 percent, to 14,722.14

* Nine of the TSX's 10 main groups rise

TORONTO, Aug 26 (Reuters) - Canada's main stock index rose on Friday, led by energy and mining stocks as oil and gold prices gained after a speech by Federal Reserve Chair Janet Yellen viewed as supportive of a U.S. interest rate increase.

The most influential movers on the index were gold stocks, including Barrick Gold, which rose 2.3 percent to C$24.2, and Franco Nevada Corp, up by the same margin to C$95.81.

Spot gold rose 1.3 percent as the U.S. dollar lost ground despite Yellen's comments.

The case for raising U.S. interest rates has strengthened in recent months because of improvements in the U.S. labor market and expectations for moderate economic growth, Yellen said.

The materials group, which includes precious and base metals, miners and fertilizer companies, added 2.2 percent, while energy stocks advanced 1.2 percent as a lower U.S. dollar also helped support energy prices.

U.S. crude prices were up 1.7 percent to $48.11 a barrel and Canadian Natural Resources Ltd rose nearly 1.0 percent to C$41.78.   Continued...