October 4, 2013 / 3:09 PM / 6 years ago

CANADA STOCKS-TSX climbs as energy shares rise on Gulf storm threat

* TSX rises 37.36 points, or 0.29 percent, to 12,772.48
    * Nine of the 10 main index sectors advance
    * Suncor has biggest positive influence on index
    * Air Canada jumps after load factor results

    By John Tilak
    TORONTO, Oct 4 (Reuters) - Canada's main stock index
advanced on Friday as investors brushed aside worries over the
U.S. government shutdown, with gains in the energy and financial
sectors supporting the market.
    As Tropical Storm Karen moved through the Gulf of Mexico,
affecting U.S. energy output, the price of oil rose on supply
concerns. Shares of energy companies climbed and
had the biggest positive impact on the index.
    With the U.S. government shutdown dragging into a fourth
day, investors watched closely as Republican members of the
House of Representatives got together to chart their next course
of action. 
    But the market appeared to shrug off fears that lawmakers
will fail to resolve the budget crisis and prevent a debt
    Rick Hutcheon, president and chief operating officer at RKH
Investments, said the TSX will tread water until the U.S.
political situation is resolved but will make gains as the
economy improves and commodity prices stabilize.
    "Everyone is sitting on their hands, waiting for Washington
to make their move," he said. "They'll have their bickering and
fighting, but ultimately they'll come to an agreement."
    "I don't see it having a huge impact on Canada," he said,
but added that the longer the U.S. impasse lasts, the more
negative it could be for the Canadian market. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 37.36 points, or 0.29 percent, at 12,772.48.
    Nine of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
advanced 0.3 percent. Royal Bank of Canada rose 0.4
percent to C$66.23, and Toronto-Dominion Bank was up 0.4
percent at C$91.53.
    Energy companies climbed, with Suncor Energy Inc 
added 1.2 percent to C$36.67, playing the biggest role of any
single stock in leading the market higher. Canadian Natural
Resources Ltd rose 0.6 percent to C$31.96.
    Air Canada jumped about 10 percent to C$4.37 after
it reported load factor results late on Thursday.
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