TORONTO (Reuters) - Canada’s main stock index closed higher on Wednesday as gains in the financial sector helped offset weakness in the energy industry.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 49.94 points, or 0.33 percent, at 15,154.68. Eight of the 10 main sectors on the index were higher.
Crude prices dropped over concerns about increasing supplies, dragging the energy sector down 1 percent. [O/R]
“We’re negative on the energy group,” John Ing, president of Maison Placements Canada. “We’ve had a dead cat bounce, but the fundamentals remain weak.”
He added that strength in oil supply would keep prices low.
In the group, Penn West Petroleum tumbled 3.8 percent to C$2.52 and Canadian Natural Resources Ltd fell 1.3 percent to C$39.98.
Financial stocks moved 1.1 percent higher, with Royal Bank of Canada up 1.4 percent at C$80.27 and Toronto-Dominion Bank gaining 1 percent to C$54.90.
In corporate news, newly listed Stingray Digital Group Inc plans to spend some C$50 million ($40 million) this year to acquire broader distribution for its streaming music channels, its chief executive said. The stock jumped 16 percent in their market debut.
Additional reporting by John Tilak; editing by G Crosse and Tom Brown