July 15, 2011 / 8:36 PM / 8 years ago

CANADA STOCKS-Energy leads TSX higher on day, but down on week

   * TSX up 46.62 points, or 0.35 percent, at 13,299.54
 * Index halts weekly winning streak: down 0.5 pct
 * Seven sectors fall, energy and materials prop up index  (Updates to close)
 TORONTO, July 15 (Reuters) - Toronto’s main stock index closed higher on Friday, lifted by solid gains in its heavyweight resource groups as key commodity prices advanced.
 Oil prices rose on reduced shipments on a Canadian export pipeline, and as North American equities gained on favorable results of a European bank stress test, which offset a rash of weak U.S. economic data.
 TransCanada Corp (TRP.TO) said it will cut nominated crude volumes on its Keystone pipeline to the United States from Canada by 20 percent next month as it works on the line following two spills in May. TransCanada rose 1 percent to C$40.43.
 Other top gainers were mostly from the energy and materials groups. Suncor Energy (SU.TO) rose 1.09 percent to C$38.01, while Teck Resources TCKb.TO jumped 2.46 percent to C$49.90. Talisman Energy TLM.TO advanced 3.1 percent to C$18.61.
 “The underlying strength in the basic commodities are reflecting the fact that perceptions are not as dark as they were a day or two ago. So we’re seeing a bit of a swing back,” said Michael Sprung, president of Sprung & Co. Investment Counsel.
 “What the market today is telling you is at least nothing was too far off of expectations, at least not on the negative side. And that’s almost relief in this kind of environment.”
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE  finished up 46.62 points, or 0.35 percent, at 13,299.54. But the gains were not enough to extend the weekly advance to a fourth straight week. The index fell 0.5 percent on the week.
 Seven of the index’s 10 main sectors were lower, with the exception of its two resource-based groups. Oil and gas rose 1.36 percent, while materials headed up 0.7 percent.
 ($1=$0.95 Canadian)  (Reporting by Ka Yan Ng; editing by Rob Wilson)                                        

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