October 14, 2011 / 9:03 PM / 7 years ago

CANADA STOCKS-TSX ends up, notches biggest weekly gain in 2 yrs

   * TSX up 169.84 points, or 1.43 pct, at 12,081.73
 * Up 4.3 pct on week, biggest weekly gain since Oct. 2009
 * Eight out of 10 main sectors end higher  (Adds comments, updates to close)
 By Ashleigh Patterson
 TORONTO, Oct 14 (Reuters) - Toronto’s main stock index ended more than 1 percent higher on Friday, as hopes for a resolution to the euro zone debt crisis bolstered investor confidence and boosted commodities prices, sending the TSX to its biggest weekly gain in two years.
 The energy sector saw the largest surge, as Brent crude oil futures posted their highest close since Sept. 15, the biggest weekly gain since late February.
 Brent’s November contract reached rose $3.57 to settle at $114.68 a barrel, while U.S. November crude rose $2.57 to $86.80. [O/R]
 Energy companies pushed higher along with the oil prices. Suncor Energy (SU.TO) posting the strongest performance on the index, rising 5.32 percent to C$30.69.
 Canadian Natural Resources (CNQ.TO) rose 3.81 percent to C$32.94, Cenovus Energy (CVE.TO) added 3.36 percent to C$35.41 and Canadian Oil Sands COS.TO finished 4.29 percent higher at C$22.84.
 The Toronto Stock Exchange’s S&P/TSX composite index ended up 169.84 points, or 1.43 percent, at 12,081.73 .GSPTSE. Eight of the 10 main sectors were higher, with consumer staples and utilities sectors posting modest declines.
 On the week, the TSX rose 4.3 percent, its biggest weekly gain since October 2009
 “The TSX is benefiting from a big surge in risk appetite over the last week, especially since the turnaround from Oct. 4, said Elvis Picardo, strategist and vice-president at First Asset Investment Management Inc in Vancouver.
 “The rebound in risk capital is being manifested in big gains in the energy and commodity groups. And when that happens, the TSX benefits proportionately from those moves.”
 Toronto stocks also benefited from promising U.S. data. U.S. retail sales grew at the fastest pace in seven months, helping to buoy investor confidence and send gold and copper higher.
 The market mood was also lifted by hopes of a resolution to the euro zone debt crisis as G20 finance ministers and central bankers meet in Paris this weekend.
 Spot gold rose 2.5 percent for the week, ending at $1,680.39. That was its biggest weekly gain in six weeks as bullion prices rose with equities and the U.S. dollar fell as risk appetite returned and investors shifted away from safe-haven investments like the greenback.
  Barrick Gold (ABX.TO) rose 1.58 percent to C$48.76 and GoldCorp (G.TO) rose 1.96 percent to end at C$48.84.
 Financials showed mixed results, see-sawing between gains and losses most of the day. Manulife Financial (MFC.TO) maintained its rise, ending up 3.85 percent at C$12.94, while a number of the big six banks remained in negative territory.
 Extending losses from Thursday on disappointing results from U.S. bank JP Morgan Chase (JPM.N), Royal Bank of Canada (RY.TO) was among the largest decliners, sliding 0.25 percent to C$47.40, while Bank of Montreal (BMO.TO) was down 0.05 percent at C$58.59.
 “Financials are one sector that continues to be a little bit shaky, not just from somewhat weak results in the U.S., but many European banks are under serious stress,” said Picardo.
 “Canadian banks are still  holding up really well, but that being said, we feel the impact of those negative news items from time to time.”
 ($1=$1.02 Canadian)  (Reporting by Ashleigh Patterson; editing by Rob Wilson)                 

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