* Six of 10 main index sectors advance
* TD, RBC lead market higher
By John Tilak
TORONTO, Feb 27 (Reuters) - Canada’s main stock index rose on Friday as higher oil prices helped support shares of energy companies and banks climbed after reporting quarterly results earlier this week.
Brent crude oil was on track to record its first monthly gain since July, supported by strong investor inflows, an improving demand outlook and supply outages.
Most of the major Canadian banks advanced. Their recent quarterly reports helped calm some investor fears about the impact a sluggish economy and an oil price slump were having on financial institutions.
The benchmark index was set to climb 4 percent this month, boosted by a rebound in the energy and financial sectors.
“There’s this choppiness in the market,” said Allan Small, a senior investment adviser at wealth management firm HollisWealth. “We’re waiting for a catalyst to take us to the next level.”
Canadian investors face a challenge: They have limited options due to the weakness in resource sectors, and it is not easy to invest outside the country because of the discount the loonie is trading at to the U.S. dollar.
The Toronto Stock Exchange’s S&P/TSX composite index was up 22.85 points, or 0.15 percent, at 15,264.01. Six of the 10 main sectors on the index were higher.
In the financial sector, Toronto Dominion Bank rose 0.7 percent to C$54.83 and Royal Bank of Canada added 0.4 percent to C$78.37.
Shares of energy companies climbed, with oil prices gaining around 2 percent. Enbridge Inc advanced 0.9 percent to C$58.10, and TransCanada Corp edged up 0.2 percent to C$54.29. (Editing by Jonathan Oatis)