CANADA STOCKS-TSX hits six-month high led by gold miners

Fri Apr 29, 2016 5:28pm EDT
 
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(Adds portfolio manager quotes, details on index's performance, updates prices)

* TSX closes up 65.02 points, or 0.47 percent, at 13,951.45

* Four of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, April 29 (Reuters) - Canada's main stock index rose to a six-month high on Friday as mining stocks surged on higher gold and base metal prices, while shares of its largest airline jumped after quarterly results were reported.

The index ended 3.4 percent higher for the month of April, while it has rebounded 21 percent from an almost 3-1/2-year low in January, but it has been unable to climb back above 14,000.

Improving prices in commodities have helped drive the index higher both year-to-date and on Friday, said Noman Ali, a portfolio manager at Manulife Asset Management.

The index has rallied 7.2 percent year-to-date, which contrasts with losses for many major markets.

There is room for the index to rally further as fundamentals for the energy sector improve and as fear of credit losses lessens for financials, said Ali.   Continued...