Toronto stock index outpaces main United States benchmarks, Canadian dollar falls

Cornelia Mascio
Aprile 16, 2017

Canada's main stock index rose on Thursday, bolstered by a rise in energy and financial stocks, but a dip in resource shares offset some of the gains.

The Toronto Stock Exchange's S&P/TSX composite index was up 42.25 points to 15,711.32, after 90 minutes of trading. Eight of the index's 10 main subgroups advanced.

The Canadian dollar was at 74.59 cents United States, down 0.11 of a cent.

"No great shakes - there doesn't appear to be too many movers here".

"Today serves as a good example of just how attractive the Canadian market is when global investors or domestic investors look around the landscape", said James Robertson, managing director, portfolio solutions group at Manulife Asset Management.

The Toronto index had been up more 100 points earlier in the session before retreating from a six-week intraday high. TransCanada Corp (TRP.TO), which won USA approval for the construction of the Keystone XL crude oil pipeline last month, rose 1.0 per cent to $62.66.

Canadian stocks rose Tuesday, led by gains in the energy sector as oil prices touched their highest since last November.

Canada's heavyweight financial services group edged up 0.1 percent, with Royal Bank of Canada up 0.6 percent at C$97.42. TransCanada Corp, which won US approval for the construction of the Keystone XL crude oil pipeline last month, rose 1.0 percent to C$62.66.

Gold for June delivery settled up $4.40, or 0.4%, at $1,258.40 an ounce, it highest settlement since February 27.

Raging River Exploration Inc dropped 6.2 percent to C$9.25 amid a report that it has hired an adviser to explore a possible sale. Suncor Energy was up 0.7 percent to C$41.73.

The department store retailer said it was aggressively working on fundamental changes in the business the day after it reported a quarterly loss and its shares rose 7.7 percent to C$10.45.

Economists polled by Reuters are expecting 5,000 new jobs in Canada and 180,000 new jobs in the United States for the month of March.

Advancing issues outnumbered declining ones on the TSX by 131 to 114, for a 1.15-to-1 ratio on the upside.

The index posted nine new 52-week highs and no new lows.

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