CANADA STOCKS-TSX edges up as higher commodity prices support resource stocks

Wed May 11, 2016 5:03pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager comments, details on gold stocks, Brookfield Asset Management and consumer discretionary stocks, updates prices)

* TSX closed up 13.02 points, or 0.09 percent, at 13,788.21

* Index touched its highest since May 3 of 13,829.73.

* Five of the TSX's 10 main groups ended higher

By Fergal Smith

TORONTO, May 11 (Reuters) - Canada's main stock index edged higher on Wednesday, led by the energy and materials groups after a drop in oil inventories pushed crude higher and gold rebounded from nearly two-week lows.

The index has rebounded from a nearly-four week low on Monday as oil rallied but its recovery has held short of the six-month high of 13,972.62 reached at the end of April.

"There seems to be a lot of uncertainty about gold and oil pricing," said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates.

Investors are grappling with the impact of lower oil prices on oil company operations and how soon production will come back in Alberta, he added.   Continued...