TORONTO (Reuters) - Canada’s main stock index squeezed out a marginal gain on Friday and notched its eighth-straight week of gains for the first time in nearly 12 years, as an energy rally offset losses in the materials group.
Oil and gas companies climbed 1.3 percent, as U.S. crude touched a two-year high after rig data supported market sentiment that a global supply glut was tapering.[O/R]
Canadian Natural Resources CNQ.TO had the biggest impact on the index, rising 1.6 percent to C$46.01, while Pembina Pipeline Corp PPL.TO gained 3.3 percent to C$44.40. Parkland Fuel Co PKI.TO rallied 4.9 percent to C$26.59 after reporting third quarter results.
“Oil was up a couple of percent, so you’re getting a nice bump from most of the energy stocks,” said Bryden Teich, portfolio manager at Avenue Investment Management, but noted that some of the economic data in Canada has stalled.
“You’ve had a mix of things, but the underlying story is still that corporate profits are set to have a pretty strong year in Canada.”
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE staged a rebound and finished up 5.17 points, or 0.03 percent, to 16,020.16. The index gained 0.35 percent on the week, its eighth consecutive win streak - a feat not seen since the end of 2005.
The TSX has jumped nearly 7 percent since beginning its upward march in early September.
Half of the primary sectors finished on higher ground.
Bombardier Inc BBDb.TO shares hit a near three-year high, climbing 6.1 percent to end at C$3.13, after several analysts raised their target prices. Shares touched as high as C$3.14, its best level since January 2015.
The overall industrials sector fell 0.2 percent, however, as rail stocks slipped.
The materials group, home to mining firms, lost 0.7 percent as the price of gold hit a one-week low on U.S. economic data. Franco Nevada Corp FNV.TO declined 1.3 percent to C$101.59, while Barrick Gold Corp ABX.TO was down 1.1 percent at C$17.89. Western Forest Products Inc WEF.TO slumped 3.4 percent to C$2.60 after reporting a weaker-than-expected quarter.
The financials group was unchanged, while Fairfax Financial Holdings Ltd FFH.TO fell 3.1 percent to C$674.74 after third quarter profit fell short of analysts' forecasts.
Genworth MI Canada Inc's MIC.TO 6.1 percent rise to C$42.96, after reporting a better-than-expected quarter, offset some of the decline.
On the domestic data front, the Canadian economy added more jobs than expected in October as wages posted their biggest gain in 18 months.
Reporting by Solarina Ho; Editing by Dan Grebler and Rosalba O’Brien
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