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Roundup: Canadian stock market rises on energy, financials rally

Xinhua, March 25, 2015 Adjust font size:

Canada's main stock market moved higher with a three-digit rise on Tuesday as the rally in energy and financial sectors overpowered the weakness in metals shares.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index increased 124.05 points, or 0.83 percent, to 15,081.26 points.

The most weighed sector -- financials -- added 0.50 percent, when Manulife Financial Corp. was up 0.37 percent to 21.98 Canadian dollars (about 17.58 U.S. dollars) and TD Bank grew 0.61 percent to 54.45 Canadian dollars.

Energy rallied 1.16 percent as the crude oil market gained some momentum in the last trading days. Light, sweet crude for May delivery inched up 0.06 U.S. dollar to settle at 47.51 dollars a barrel on the New York Mercantile Exchange on Tuesday.

Canadian Natural Resources Ltd. moved higher 1.55 percent to 37. 93 Canadian dollars and Canadian Oil Sands Ltd. advanced 1.35 percent to 9.76 Canadian dollars per share.

However,according to a report released by TD Bank, as crude oil prices continue to fluctuate, the knock-on effects of their sharp decline since last autumn on the real economy and job market are expected to be felt for the next few quarters. Lower oil prices are likely to weigh on the Canadian economy.

Telecom also gained 1.16 percent, when the Canadian telecommunication giants Rogers Communications Inc. rose 0.36 percent to 44.17 Canadian dollars, and BCE Inc. surged 1.81 percent to 54.14 Canadian dollars.

In other gainers, Industrials and Utilities increased 0.61 percent and 0.90 percent, respectively.

However, the metals and mining sector dropped 0.79 percent, when China's manufacturing activity in March fell again to an 11- month low of 49.2, according to HSBC's preliminary purchasing managers' index (PMI) released on Tuesday.

Since China's demand is a crucial factor to global commodities' prices, the weak data was considered as a signal of a withering demand for resources.

In a response, Teck Resources Ltd. slumped 2.08 percent to 19. 34 Canadian dollars and First Quantum Minerals Ltd. lost 1.66 percent to 15.28 Canadian dollars.

The other loser in TSX on Tuesday is Info-tech, down 0.11 percent, as Open Text Corp. lost 0.99 percent to 69.91 Canadian dollars apiece.

On the currency front, the Canadian dollar on Tuesday moved lower to settle at 0.7999 U.S. dollar from 0.8001 U.S. dollar Monday. Endite