TORONTO (Reuters) - Canada’s main stock index rose on Friday as banks and mining companies, heavyweights on the index, rebounded from the previous day’s slump.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 79.66 points, or 0.51 percent, to 15,586.13. The index eked out a small 0.2 percent gain on the week.
Of the index’s 10 main groups, all but industrials, which fell 0.1 percent, gained during the session.
The materials group, which includes precious and base metals miners and fertilizer companies, ended 1.9 percent higher.
“They’ve been weak all week. Principally, they’re a little bit better when the GDP came out in the United States,” said John Ing, president of Maison Placements Canada. “That alleviates any pressure on rates so that caused that group to be a little bit better.”
Economic data showed the U.S. economy grew at its weakest pace in three years during the first quarter. ECONUS
Gold miner Agnico Eagle Mines Ltd (AEM.TO) led the group’s gains, soaring 10.5 percent to C$65.25 after the company beat profit and revenue estimates and raised its production forecast after markets closed on Thursday. Detour Gold Corp (DGC.TO) also surged, jumping 13.5 percent to C$17.25 after reporting positive quarterly results.
The financials group was heavily traded on Friday but only saw a 0.3 percent gain after taking a 1.7 percent hit the day before over jitters that mortgage lender Home Capital Group Inc’s (HCG.TO) woes could spill into the broader sector.
Thomson Reuters Corp (TRI.TO) shares rose 4.0 percent to C$62.03 after the company’s reported higher than expected first-quarter results and reaffirmed its outlook amid improving results across its businesses.
The most influential stock on the index was Suncor Energy Inc (SU.TO), which posted a profit beat this week and said it planned to buy back shares. The country’s largest oil and gas producer rose 2.5 percent to C$42.78. The overall energy group climbed 0.8 percent.[O/R]
On the domestic data front, the Canadian economy stalled in February after a healthy start to the year but is still on track to meet and possibly exceed the Bank of Canada’s forecast for first-quarter annualized growth, analysts said. ECONCA
Advancing issues outnumbered declining ones on the TSX by 166 to 79, for a 2.10-to-1 ratio on the upside.
The index was posting 16 52-week highs and one new low.
Reporting by Solarina Ho; Editing by Bill Trott