TORONTO (Reuters) - Toronto’s main stock index rose on Tuesday, as energy and industrial stocks rose in tandem with gains in U.S. stocks, more than offsetting pullbacks in key stocks such as BlackBerry (BB.TO) and Bombardier Inc (BBDb.TO).
Energy stocks, which suffered steep losses in April, rose 0.67 percent despite a retreat in the price of oil, helped by the continued momentum in U.S. stock indexes.
The smaller industrials subgroup charged ahead 1.83 percent, led by airlines and railroads. Westjet Airlines Ltd (WJA.TO) surged 4.9 percent to C$21.77, while Canadian Pacific Railway (CP.TO) jumped 4.4 percent to C$136.91.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 47.50 points, or 0.38 percent, to 12,577.05. Seven of the index’s 10 main subgroups rose during the session.
U.S. stocks extended gains, and the S&P 500 .SPX and Dow Jones Industrial .DJI touched new intraday highs .
The TSX has underperformed U.S. stock over the past year due in part to the Canadian index’s much higher weighting of commodities. But since mid April, the TSX has followed the U.S. indexes higher.
“I think that there could be a help from the U.S. ... but I think it’s also maybe a little bit of a ‘enough’s enough’ in some of these stocks,” said John Kinsey, a portfolio manager at Caldwell Securities.
The information technology group sank 0.63 percent, weighed down by BlackBerry. The smartphone maker dropped 3.1 percent to C$15.55 as the company unveiled a new mid-tier smartphone.
Bombardier slid 1.7 percent to C$4.55, falling hard for a second straight day, though the stock had risen 15 percent last week on optimism about the company’s new CSeries jetliner.
Rona Inc RON.TO, Canada’s top home improvement retailer and distributor, dropped 4.8 percent to C$10.12 after posting a deeper quarterly loss as it grappled with restructuring charges and difficult market conditions.
Reporting by Cameron French; Editing by Leslie Adler