December 8, 2017 / 12:35 PM / 7 months ago

TSX posts two-week high as industrials lead broad-based rally

TORONTO (Reuters) - Canada’s main stock index rose to a two-week high on Friday, led by financial and industrial shares after solid U.S. jobs data boosted investor sentiment, while energy stocks climbed on higher oil prices.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 80.39 points, or 0.5 percent, at 16,096.07, its highest close since Nov. 24. For the week, the TSX rose 0.4 percent.

* Industrials advanced 1 percent, helped by gains for the country’s two main railway companies, while the heavyweight financials group added 0.5 percent.

* Oil pipeline operator Kinder Morgan Canada Ltd (KML.TO) gained nearly 5 percent to C$17.48 after the country’s energy regulator ruled it could sidestep some municipal permits for its Trans Mountain pipeline expansion.

* The overall energy group rose 0.6 percent, while U.S. crude futures CLc1 settled 1.2 percent higher at $57.36 a barrel.

* Among the most influential gainers on the index was Valeant Pharmaceuticals International Inc VRX.TO, which rose 11.8 percent to C$25.36.

* The materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 percent.

* Nine of the index’s 10 main groups ended in positive territory, with telecoms being the one declining group.

* Shares of Rogers Communications Inc (RCIb.TO) fell 0.6 percent to C$64.87, one of the heaviest weights on the index, after the cable and telecom company said its chairman would step down at the end of the year. He will be replaced by Edward Rogers, the son of the family-controlled company’s founder Ted Rogers.

* Wall Street indexes advanced after a stronger-than-expected U.S. jobs gain locked in expectations for an interest rate hike from the U.S. Federal Reserve next week and boosted optimism about economic prospects for 2018.

Reporting by Fergal Smith and Alastair Sharp; Editing by Bernadette Baum and Grant McCool

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below