* Five of the 10 main index sectors advance
By John Tilak
TORONTO, March 20 (Reuters) - A rise in commodity prices pushed up Canada’s main stock index on Friday as shares of oil producers and miners advanced, with the index looking to be on track to end the week higher.
Oil, copper and other commodity prices benefited from weakness in the U.S. dollar, which has been choppy since the U.S. Federal Reserve released a cautious policy statement on Wednesday that signaled it was moving toward raising interest rates but at a slower pace than some had expected.
The price of U.S. crude oil jumped 3 percent on Friday, while copper prices gained more than 2 percent and the bullion price advanced 1 percent.
“Canada is getting a nice boost from the rally we’re getting in the crude oil price,” said Colin Cieszynski, chief market strategist at CMC Markets.
“The conditions for stock markets are looking pretty good,” he added. “We’ve taken the negative hit from the lower oil price, but we haven’t really seen the benefits of the lower oil price on other sectors.”
The Toronto Stock Exchange’s S&P/TSX composite index was up 71.73 points, or 0.48 percent, at 14,945.66. Five of the 10 main sectors on the index were higher.
Shares of energy producers climbed 1.2 percent. Suncor Energy Inc added 1 percent to C$35.76, and Canadian Natural Resources Ltd rose 1 percent to C$37.08.
The materials sector, which includes mining stocks, was up 1.8 percent. First Quantum Minerals Ltd jumped 9.4 percent to C$14.86, and Goldcorp Inc gained 2.6 percent to C$24.48.
$1=$1.26 Canadian Editing by Peter Galloway