Off the wire
• Roundup: U.S. stocks tumble on disappointing GDP data  • Portugal only to bring down budget deficit to below 3 pct in 2018: IMF  • Russia to take measures against U.S., NATO's military superiority  • Portugal's Pet Festival kicks off  • Roundup: Toronto seized under 11th extreme cold alert this winter  • France, Germany call on Albanians not to misuse visa free regime  • Mexico suspends high-speed train project as it decides to cut budget  • EU urges Israel to reverse decision of building new housing units in West Bank  • Feature: Expo Milano 2015 reinvents exhibit format for countries without self-built pavilions  • U.S. consumer sentiment continues to improve, hitting 11-year high  
You are here: 　 Home

Canadian stock market rises as resources bounce up

Xinhua, January 31, 2015 Adjust font size:

Canada's main stock market in Toronto on Friday edged up when resources shares rebounded with solid gains, amid the worse-than-expected domestic economic data from the country.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 36.20 points, or 0.25 percent, to 14,673.48 points, as both energy and miners sectors jumped more than 4 percent.

Although the index lost 0.77 percent this week, the gains driven by resources sectors strengthened the market sentiment on the closing bell Friday.

Energy sector rallied 4.69 percent after a slump in two consecutive trading days, boosted by the rising oil prices with light, sweet crude for March delivery gaining 3.71 U.S. dollars to settle at 48.24 dollars a barrel on the New York Mercantile Exchange.

Canadian Oil Sands Ltd. soared 14.68 percent to 7.85 Canadian dollars (about 6.18 U.S. dollars) a share, and Suncor Energy Inc. also increased 4.01 percent to 37.90 Canadian dollars per share.

Metals and Mining, another resources sector, surged 4.21 percent when most of the gold miners hailed rising gold prices. The world's biggest gold miner Barrick advanced 4.91 percent to 16. 25 Canadian dollars a share.

The most weighed sector Financials, however, vapored 2.23 percent, after the British multinational banking and financial services company Barclays downgraded its outlook on four of Canada 's big banks, saying that the country's slowing economy leaves little upside potential for the banks.

Royal Bank of Canada shares dived 3.2 percent to 71.74 Canadian dollars while TD Bank shares lost 2.01 percent to 50.60 Canadian dollars.

Industrials sector was another loser by 1.04 percent after Statistics Canada reported Friday morning that Canada's monthly real gross domestic product declined 0.2 percent in November, which was worse than expected, with manufacturing output falling 1. 9 percent, after rising 0.7 percent in September and 0.6 percent in October.

The railway and aircraft maker Bombardier Inc. shares lost 1.02 percent to 2.9 Canadian dollars.

On the currency front, the Canadian dollar on Friday extended more losses to settle at 0.7867 U.S. dollar from 0.7930 U.S. dollar Thursday, when the relentless run of downbeat news on the Canadian economy continues apace, according to Douglas Porter, the chief economist from Bank of Montreal. Endite