TORONTO (Reuters) - Canada’s main stock index finished broadly higher on Friday, for a seventh straight day of gains, buoyed in part by resource stocks that benefited from higher commodity prices.
The index was also supported by the positive tone in equity markets around the world, with global markets testing record highs during the session. [MKTS/GLOB]
“There is now some attention being paid to markets that have underperformed. In recent weeks and months we’ve seen Europe, China and Japan all trading at new multi-year highs,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
“Some of that global phenomenon is manifesting itself in the Canadian market as well.”
Royal Bank of Canada was the most influential gainer, finishing up 0.7 percent at C$79.60. The overall financial group, which makes up some 35 percent of the index’s weight, was up 0.2 percent.
The Toronto Stock Exchange’s S&P/TSX composite index finished 62.12 points higher, or up 0.41 percent, at 15,388.43. It gained 2.4 percent on the week.
All but one of the index’s 10 main sectors finished stronger.
Other influential gainers included Goldcorp Inc, which climbed 2.7 percent to C$24.29. Barrick Gold added 2.1 percent to C$15.95. The overall materials group, home to mining firms, rose 1.1 percent.
A rise in gold prices gathered momentum after prices broke through a technical resistance level that triggered automatic buy orders. Gold futures rose 1.2 percent to $1,207.8.
Energy stocks finished up 0.7 percent, with Suncor Energy Inc up 0.8 percent at C$39.68.
Crude prices advanced on the week as concerns eased that an interim Iran nuclear deal would lead to a rapid jump in Iranian oil supplies. U.S. crude was up 1.8 percent at $51.69, while Brent crude added 2.4 percent to $57.95.
“With the rally in energy in the last few days, you’re getting to the top of (the recent TSX) range again. The question now is can it break out of that or not?” said Julie Brough, vice president at Morgan Meighen & Associates.
In corporate news, Bombardier shares, which had jumped as much as 7.3 percent during intraday trading, finished up 1.5 percent at C$2.64 after Reuters said the plane and train maker was exploring ways to raise money from its transportation unit.
Advancing issues outnumbered declining ones on the TSX by 153 to 83, for a 1.84-to-1 ratio on the upside.
Editing by Bernadette Baum and Matthew Lewis