CANADA STOCKS-TSX heads for seventh day of gains, led by resources

Fri Apr 10, 2015 11:11am EDT
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By Solarina Ho

TORONTO, April 10 (Reuters) - Canada's main stock index rose on Friday, setting up the market for a seventh day of gains, buoyed by Bombardier Inc and by resource stocks that were lifted by higher commodity prices.

A Reuters report that said Bombardier was exploring ways to raise money from its transportation unit, potentially worth up to $5 billion, as it grapples with cost overruns in its aircraft business, sent shares up 5.4 percent at C$2.74 in late morning trading. Shares were earlier up as much as 7.3 percent.

Some of the most influential movers on the index were Suncor Energy Inc, which rose 1.24 percent to C$39.86, and TransCanada Corp, which advanced 1.0 percent to C$55.77. The overall energy group climbed 0.8 percent.

Crude prices headed for a weekly gain as concerns eased that an interim Iran nuclear deal would lead to a rapid jump in Iranian oil supplies. Still, advances were capped by news this week that showed global stockpiles were still abundant.

U.S. crude prices were up 1.5 percent at $51.53, while Brent crude added 1.9 percent to $57.67.

At 10:50 a.m. EDT (1450 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 64.2 points, or 0.42 percent, to 15,390.51. Seven of the index's 10 main groups advanced.

"In general, investors are struggling to find a direction and you see the TSX essentially rangebound," said Julie Brough, vice president at Morgan Meighen & Associates.

"With the rally in energy in the last few days, you're getting to the top of that range again. The question now is can it break out of that or not?"   Continued...