January 23, 2018 / 12:41 PM / in 10 months

TSX reverses losses as oil, gold, global sentiment boost

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

TORONTO (Reuters) - Canada’s benchmark stock index reversed earlier losses to close marginally higher on Tuesday, lifted by positive sentiment globally as well as higher oil and gold prices.

- The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 9.57 points, or 0.06 percent, at 16,357.98. Five of its 10 main industry groups ended in positive territory.

- Kinaxis Inc (KXS.TO), which was up 10.6 percent at C$84.18, was the biggest gainer on the index after saying it had been chosen by Toyota Motor Corp (7203.T) to manage automotive demand and supply chain processes.

- Among the biggest gainers were Birchcliff Energy (BIR.TO), up 9.3 percent, and New Gold Inc (NGD.TO), which closed 6.8 percent higher.

- The companies were lifted by a 2 percent jump in crude oil futures to $64.78 a barrel, and a 0.5 percent rise in gold prices to $1,340.81 an ounce. [MKTS/GLOB]- The rise in prices of the precious metal did not lift all gold firms, however. Pretium Resources Inc (PVG.TO) slumped 26.5 percent after the exploration company provided an operational update for its Brucejack mine in northern British Columbia and Credit Suisse downgraded the stock.

- The heavyweight financials group was among the decliners with a 0.2 percent drop, and industrials dipped 0.1 percent.

Reporting by Alastair Sharp and Nichola Saminather; editing by G Crosse

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