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Roundup: Canadian stock market extends gains as oil rebounds

Xinhua, April 10, 2015 Adjust font size:

Canada's main stock market in Toronto Thursday rose for a sixth consecutive day when the oil prices regained momentum following a sharp drop Wednesday.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index advanced 112.71 points, or 0.74 percent, to 15,326.31 points, with gainers seen in seven of the eight most weighed sectors.

Energy rallied 1.51 percent as May crude contract bounced up 37 U.S. cents to 50.79 U.S. dollars a barrel on the New York Mercantile Exchange.

In response, Canada's largest energy company Suncor Energy Inc. jumped 1.36 percent to 39.37 Canadian dollars (about 31.27 U.S. dollars) and Canadian Natural Resources Ltd. climbed 1.33 percent to 40.52 Canadian dollars.

And Healthcare led the TSX gainers by 1.88 percent, as its leading companies Catamaran Corp. added 0.57 percent to 74.64 Canadian dollars, and Valeant Pharmaceuticals International, Inc. grew 0.29 percent to 259.03 Canadian dollars.

Financials, the most weighed sector, advanced 0.73 percent, as Toronto-Dominion Bank jumped 1.10 percent to 55.25 Canadian dollars and Manulife Financial Corp. gained 0.68 percent to 22.14 Canadian dollars.

Other gainers included Industrials and Info-tech, up 1.04 percent and 0.52 percent, respectively.

However, the only loser Metals and mining sector bucked the trend, slightly down 0.04 percent. First Quantum Minerals Ltd. plunged 1.07 percent to 16.63 Canadian dollars and Lundin Mining Corp. retreated 3.09 percent to 5.02 Canadian dollars.

On the economic front, Canada's Finance Minister Joe Oliver Thursday met with leading private sector economists to gather their views on the Canadian and world economies.

Although the economists believed that the sharp decline in global crude oil prices and weak global economy were affecting Canada's economy, they also noted that Canada's underlying economic fundamentals remain strong, and that they expect real gross domestic product (GDP) growth to average about 2 percent for 2015 as a whole.

Besides, Statistics Canada reported on Thursday that Canadian municipalities issued building permits worth 6.1 billion Canadian dollars in February, edging down 0.9 percent from the previous month.

On the currency front, the Canadian dollar on Thursday traded lower at 0.7942 U.S. dollar from 0.7976 U.S. dollar on Wednesday. Endite