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Roundup: Canadian stock market rebounds over resources rally

Xinhua, January 17, 2015 Adjust font size:

Canada's main stock market in Toronto rebounded Friday with a solid recovery after a four-day losing streak as the resources shares boosted the trading sentiment.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index surged 267.59 points, or 1.91 percent, to 14,309.41 points. All the eight major sectors were rising across the board with energy and miners' shares leading the increase.

The resource-heavy market was pushed up with oil and commodities recovering some ground. The energy sector added 6.14 percent when the crude market gained momentum. Light, sweet crude for February delivery surged 2.44 U.S. dollars to settle at 48.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery jumped 1.9 dollars to close at 50.17 dollars a barrel.

Shares of most Canadian energy giants advanced as Suncor Energy Inc. climbed 5.20 percent to 36 Canadian dollars, and Canadian Natural Resources Ltd. rallied 8.76 percent to 35.51 Canadian dollars.

Another resource sector Metals & Mining jumped 5.99 percent on higher gold and copper prices. Barrick Gold Corp. soared 3.45 percent to 14.09 Canadian dollars. And the basic metals producers Teck Resources Ltd. rose 4.72 percent to 14.20 Canadian dollars and First Quantum Minerals Ltd. advanced 11.13 percent to 13.28 Canadian dollars.

Healthcare sector also advanced 2.20 percent with its heavyweight Valeant Pharmaceuticals International, Inc. edging up 1.81 percent to 187.80 Canadian dollars.

Financials, the index's most heavily weighted sector, was up 0. 33 percent, as Royal Bank of Canada rallied 0.52 percent to 75.51 Canadian dollars, after U.S. investment bank Morgan Stanley said in a report Friday that the sudden plunge in oil prices has changed the outlook for Canada's economy, and the bank said "We do not expect the first rate hike from the Bank of Canada until 2017. "

Industrials gained 0.82 percent with Canadian National Railway Company up 1.49 percent to 79.79 Canadian dollars.

On the currency front, the Canadian dollar closed flat Friday at 0.8356 U.S. dollar, compared with 0.8358 U.S. dollar Thursday. Endite