TSX gains in broad but modest move, up 0.7 percent on week

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

TORONTO (Reuters) - Canada’s main stock index pushed higher on Friday, led by modest gains for its heavyweight financial and energy sectors in a broad rally that helped it notch a 0.7 percent gain on the week.

The Toronto Stock Exchange’s S&P/TSX composite index ended the session up 33.79 points, or 0.21 percent, at 16,108.09.

The energy group, which accounts for almost a fifth of the index’s weight, rose 0.2 percent, while the financials group, which accounts for more than a third, gained 0.1 percent.

The smaller consumer discretionary group rose 0.6 percent, echoing gains for U.S. retail stocks as the holiday shopping season appeared to get off to a strong start, especially online.

Discount retailer Dollarama Inc rose 1.2 percent to C$162.03 after RBC raised its price target on the stock to C$161 from C$143.

U.S. crude prices hit their highest in more than two years as a shutdown at TransCanada Corp’s Keystone pipeline continued to cut deliveries to storage facilities. [O/R]

TransCanada shares, which had fallen sharply earlier in the week, ended up 0.9 percent at C$63.48.

Nine of the index’s 10 main sectors were higher, with the materials group, which includes precious and base metals miners and fertilizer companies, down 0.3 percent.

Barrick Gold Corp fell 1.5 percent to C$18.06 and Goldcorp Inc lost 1.2 percent to C$16.76 as gold prices dipped. [GOL/]

Reporting by Alastair Sharp; Editing by Lisa Von Ahn and James Dalgleish