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Roundup: Canadian stock market strengthens over rising oil prices

Xinhua, February 3, 2015 Adjust font size:

Canada's main stock market in Toronto Monday kicked off February's trading with a solid gain, led by a rally in resources shares over the rising oil prices.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index jumped 226.99 points, or 1.55 percent, to 14,900.47 points, with seven of the eight most weighed sectors in the rising streak.

The trading sentiment was boosted as oil prices extended gains for a second consecutive day since last Friday, amid the announcements by global oil giants companies that they plan to cut investment over the lower crude prices.

Meanwhile, workers from nine U.S. refineries and chemical plants went on strike on Sunday, after failing to agree on a labor contract due to the low oil prices. Those refineries together produce about 10 percent of the nation's capacity, which was also considered as a signal that the oil oversupply may be eased in the coming months.

With the catalyst, the energy sector led the gainers by 4.51 percent when light, sweet crude for March crude oil contract increased 1.33 U.S dollars to 49.57 per barrel on the COMEX division of the New York Mercantile Exchange.

Most of the Canadian oil companies' stock prices moved up, when Canadian Oil Sands Ltd. surged 20.38 percent to 9.45 Canadian dollars (about 7.51 U.S. dollars), and Suncor Energy Inc. advanced 3.83 percent to 39.35 Canadian dollars per share.

Metals and Mining, another resource sector, hiked 4.04 percent as Teck Resources Ltd. climbed 3.95 percent to 17.10 Canadian dollars and First Quantum Minerals Ltd. rose 5.95 percent to 12.28 Canadian dollars.

The index's most heavily weighted sector Financials increased 1. 46 percent, as Royal Bank of Canada increased 1.63 percent to 72. 91 Canadian dollars, while Toronto-Dominion Bank grew 1.44 percent to 51.33 Canadian dollars.

Industrials also moved ahead 1.95 percent when Canadian Pacific Railway Ltd. rose 2.78 percent to 227.63 Canadian dollars apiece.

In other gainers, Healthcare and Utilities added 0.62 percent and 0.15 percent, respectively.

However, Info-tech sector bucked the trend, down 0.68 percent, as CGI Group Inc. lost 0.64 percent to 50.03 Canadian dollars and Open Text Corp. slumped 2.58 percent to 70.20 Canadian dollars.

On the currency front, the Canadian dollar on Monday moved up to settle at 0.7951 U.S. dollar from 0.7867 U.S. dollar last Friday, along with the strong oil price. Endite