Roundup: Canadian stock market rises over energy, banks rally
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E-mail Xinhua, February 6, 2015
Canada's main stock market in Toronto rose on Thursday as gains driven by oil and bank giants helped strengthen the trading sentiment, amid Canada's weak trade data.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index advances 129.27 points, or 0.86 percent, to 15,124.92 points.
The index was pushed up as the rebounding oil offset the negative impact of the weak trade data released by Statistics Canada on Thursday morning, which showed that Canada's trade deficit with the world widened from 335 million Canadian dollars in November to 649 million Canadian dollars in December, and December witnessed a 10.3 percent decline in energy products to 8. 6 billion Canadian dollars, the seventh consecutive monthly decrease.
Energy sector rallied 2.03 percent as light, sweet crude for March delivery gained 2.03 U.S. dollars to settle at 50.48 dollars a barrel on the New York Mercantile Exchange.
Canada's biggest oil and gas producer Suncor Energy announced after the closing bell on Thursday night that it finished 2014 having spent 300 million Canadian dollars less than its forecast of 6.8 billion Canadian dollars, although its net earnings shrank 81 percent to 84 million Canadian dollars. Its share surged 2.83 percent to 38.55 Canadian dollars (about 31.03 U.S. dollars).
And another energy giant Canadian Natural Resources Ltd. also rallied 3.34 percent to 38.94 Canadian dollars per share.
Meanwhile, the index's most heavily weighted sector Financials hiked 1.41 percent, when big banks logged big growth. Royal Bank of Canada climbed 1.70 percent to 75.39 Canadian dollars and Toronto-Dominion Bank advanced 2.11 percent to 53.66 Canadian dollars.
The metals and mining sector which jumped 2.49 percent was the biggest gainer. Teck Resources Ltd. gained 3.23 percent to 18.56 Canadian dollars and First Quantum Minerals Ltd. rose 2.05 percent to 12.96 Canadian dollars.
In other gainers, Healthcare and Utilities edged up 0.24 percent and 0.32 percent, respectively.
However, Telecom sector bucked the trend and lost 1.31 percent, when Manitoba Telecom Services Inc. slumped 6.28 percent to 23.44 Canadian dollars.
On the economic beat, investors are still in uncertainty about the outlook of the Canadian economy in 2015 amid oil rout. Besides, according to a new report released Thursday by McKinsey, a global management consulting firm, Canada's household debt-to-income ratios have continued to rise, exceeding the peak levels in the crisis countries before 2008.
On the currency front, the Canadian dollar on Thursday moved up to settle at 0.8049 U.S. dollar from 0.7959 U.S. dollar on Wednesday, along with the volatile crude prices. Endite
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