TSX broadly higher, notches sixth straight week of gains

TORONTO (Reuters) - Canada’s main stock index touched its highest level in nearly eight months on Friday with broad-based gains, and notched its longest positive streak in nearly three years with a sixth straight winning week.

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch

The index mirrored Wall St, which saw the Dow Jones Industrial Average climb above 23,000 this week, as investor hopes rose that President Donald Trump will make progress on his fiscal plans.

The Toronto Stock Exchange’s S&P/TSX composite index gained about 0.3 percent on the week and 5.8 percent since troughing on Sept. 8.

The index rose 39.22 points, or 0.25 percent, to finish at 15,857.22 after climbing as high as 15,880.67 during the session, its highest level since Feb. 23.

“It’s the global euphoria ... The daily highs in New York are an impetus,” said John Ing, president of Maison Placements Canada.

“In Canada, we’ve got upcoming earnings season again and everybody’s looking through rose-colored glasses ... and not bothered by things such as the prospect of higher interest rates or a lower Canadian dollar.”

Financial stocks, which make up about a third of the index’s weight and can drive direction even when individual stock moves are modest, gained 0.2 percent. Royal Bank of Canada was the index’s most influential gainer, rising 0.4 percent to C$101.23.

Canadian Pacific Railway, extended its gains this week after reporting better-than-expected third quarter profit late on Tuesday, was up another 1.5 percent to C$224.16. The overall industrials sector rose 0.6 percent.

The materials group, which includes mining and other resource firms, added 0.6 percent as nickel prices hit a six-week high and copper prices remained above $7,000 a ton on optimism demand will grow in top consumer China.

Teck Resources Ltd rallied 3.2 percent to C$28.68.

On the down side, Klondex Mines Ltd fell 7.7 percent to C$4.06 after the company reported third quarter production results.

DHX Media Ltd ended the session up 0.2 percent to C$4.52 after plunging earlier in the day. The company issued a statement staying it was unaware of any material undisclosed information.

Shopify Inc jumped 5.2 percent to C$129.03, while the overall technology group rose 1.2 percent.

Consumer staples, home to grocers and other food producers, was the only declining group among the index’s 10 key sectors, slipping 0.1 percent.

Advancing issues outnumbered declining ones on the TSX by 149 to 91, for a 1.64-to-1 ratio on the upside.

The index was posting 17 new 52-week highs and 6 new lows.

Reporting by Solarina Ho; Editing by Chizu Nomiyama