TSX rises as financial gains offset losses for energy

Jan 19, 2018

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Canada's main stock index rose on Friday in a broad-based rally led by financial and industrial shares, while lower oil prices weighed on energy stocks.

The Toronto Stock Exchange's S&P/TSX composite index closed up 68.99 points, or 0.42 per cent, at 16,353.46.

For the week, the index rose 0.3 per cent.

Some of the most influential movers on the index were the country's major banks. Royal Bank of Canada (RY.TO) rose 0.8 per cent to $107.72, while Toronto-Dominion Bank (TD.TO) added 0.4 per cent to $74.08.

The overall financial services group, which accounts for more than one-third of the TSX's weight, gained 0.6 per cent, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 per cent.

Barrick Gold Corp (ABX.TO) climbed 1.6 per cent to $17.99. Gold futures rose 0.5 per cent to US$1,333 an ounce.

Industrials advanced 1.2 per cent as railroad stocks gained ground.

Canadian Pacific Railway Ltd (CP.TO) was up 2.8 per cent at $233.40 after the company reported on Thursday fourth-quarter profit that beat analysts' estimates.

Canadian manufacturing sales jumped 3.4 per cent in November, their biggest increase in 2-1/2 years, on strength in transportation equipment and petroleum and coal products, Statistics Canada said.

Nine of the index's 10 main groups gained.

Kinder Morgan Canada Ltd (KML.TO) climbed nearly 7 per cent to $17.91 after Canada's National Energy Board on Thursday set out a process for resolving permit disputes related to the company's Trans Mountain pipeline expansion project.

Still, the energy group fell 0.4 per cent. U.S. crude oil futures settled 0.9 per cent lower at US$63.37 a barrel.