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Roundup: Canadian stock market inches higher amid oil plunge

Xinhua, April 9, 2015 Adjust font size:

Canada's main stock market in Toronto Wednesday stayed in the positive territory when the gains driven by financials and health care overpowered the losses from energy shares, triggered by a sharp drop in oil prices.

With no significant macroeconomic data released, Toronto Stock Exchange's benchmark S&P/TSX Composite Index was slightly higher 24.76 points, or 0.16 percent, to 15,213.60 points.

Energy was the only loser by 2.27 percent in TSX over a sharp slump in oil prices, when light, sweet crude for May delivery plunged 3.56 U.S. dollars to settle at 50.42 U.S. dollars a barrel on the New York Mercantile Exchange.

Shares of most Canadian energy giants were hammered down while Encana Corp. retreated 3.65 percent to 14.52 Canadian dollars ( about 11.58 U.S. dollars), and Canadian Oil Sands Ltd. vapored 5. 36 percent to 10.77 Canadian dollars.

However, the losses in energy shares were offset when the index 's most heavily weighted sector Financials added 0.57 percent, after Manulife Financial Corp. surged 2.04 percent to 21.99 Canadian dollars.

The Canadian largest life insurance company Wednesday inked a 15-year regional distribution agreement with DBS Bank Ltd., a leading financial services group based in Singapore, to cover four markets including Singapore, Hong Kong, China and Indonesia.

And Health Care led the TSX market advance by 2.53 percent when its heavyweight Valeant Pharmaceuticals International, Inc. soared 3.82 percent to 258.29 Canadian dollars.

The Toronto equity market was also supported by the metal and mining sector, which rallied 1.18 percent as First Quantum Minerals Ltd. climbed 1.94 percent to 16.81 Canadian dollars, and Teck Resources Ltd. grew 0.92 percent to 17.54 Canadian dollars.

Other gainers included Info Tech and Utilities, up 0.89 percent and 0.23 percent, respectively.

On the currency front, the Canadian dollar on Wednesday traded lower at 0.7976 U.S. dollar from 0.7997 U.S. dollar on Tuesday. Endite