TORONTO (Reuters) - Canada’s main stock index rose nearly 2 percent on Friday as shares of oil and mining companies soared on the back of rebounding commodity prices.
Oil prices, under pressure since June due to concerns about oversupply, strengthened after the International Energy Agency said that it expects “the tide will turn”.
A survey showing that U.S. consumer sentiment rose in January to its highest in more than a decade provided further support for oil.
The gain on the Toronto stock market’s benchmark TSX index came after declines in each of the previous five sessions. It still recorded a drop on the week, a period in which market volatility surged due to choppy oil prices and Switzerland’s move to abandon its more than three-year-old ceiling on the franc’s value against the euro.
“We’ve seen a lot of pain,” said Bob Gorman, chief portfolio strategist at TD Wealth. “It will be more muted progress this year.”
Gorman said it expects mid- to high single-digit growth for the TSX in 2015.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 267.59 points, or 1.91 percent, at 14,309.41. Nine of the 10 main sectors on the index were higher.
Copper prices also rose, gaining 1.5 percent, helping support a 4.7 percent jump in shares of Teck Resources Ltd TCKb.TO.
Editing by Peter Galloway