CANADA STOCKS-TSX rises to new 2016 high as commodities rally

Fri Mar 4, 2016 5:36pm EST
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(Adds portfolio manager quotes, details on Shaw, Valeant and Constellation Software, updates prices)

* TSX closes up 88.85 points, or 0.68 percent, at 13,212.50

* Index makes new 2016 high, advances 3.2 percent for the week

* Seven of the TSX's 10 main groups were higher

By Fergal Smith

TORONTO, March 4 (Reuters) - Canada's benchmark stock index rose to a new high for 2016 on Friday, scoring a 3.2 percent weekly gain as resource stocks tracked commodity prices higher and after data showed a better-than-expected U.S. jobs gain and record Canadian exports.

Energy stocks climbed nearly 3 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent after some gains were pared.

Resource stocks are "on fire" after the stronger-than-expected U.S. jobs data, said Julie Brough, vice president at Morgan Meighen & Associates.

Some of the stocks were so "wiped out" it takes very little positive news to give them a boost, she added.   Continued...