Roundup: Canadian stock market climbs on resources gains amid upbeat data

Canada's stocks in Toronto Friday advanced as resources shares rallied amid upbeat economic data by Statistics Canada.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 80.00 points, or 0.53 percent, to 15,108.12 points, with most of the eight major sectors in the rising streak.

The equities market in Toronto will be closed Monday because of Victoria Day break.

Resources shares, a heavily weighed group in TSX, helped boost the market sentiment with the energy sector and the mining sector up 0.66 percent and 0.44 percent, respectively.

Canada's biggest oil and gas producer Suncor Energy Inc. rose 0. 77 percent to 36.58 Canadian dollars (about 30.43 U.S. dollars), while the basic metals leading company First Quantum Minerals jumped 1.08 percent to 18.64 Canadian dollars.

Gold stocks, a subsector of Metals and Mining, gained 4 percent during the week on a solid rally in gold prices.

The energy sector dropped nearly two percent as concerns persisted about a glut in the crude market.

The index gained some momentum from positive economic data from the country. Manufacturing sales rose 2.9 percent to 51.0 billion Canadian dollars in March, beating market expectation of one- percent increase, the Statistics Canada said.

Industrials rallied 0.98 percent. Air Canada rose 1.04 percent to 12.67 Canadian dollars, and Canadian National Railway Company jumped 1.89 percent to 74.96 Canadian dollars per share.

Meanwhile, foreign investment in Canadian securities totaled 22. 5 billion Canadian dollars in March, the largest inflow of funds since May 2012, Statistics Canada said.

However, Financials, the index's most heavily weighted sector, dipped 0.18 percent. Bank of America, one of the U.S. biggest banks, said in a report Friday that Canada is seeing investors move away from its bond and equity markets as they seek out a surer return in the United States and predicted that Canada may have to lower its benchmark interest rate again later this year, due to the negative impact of the falling oil prices and the lack of manufacturing competitiveness.

In response, Royal Bank of Canada decreased 0.13 percent to 78. 78 Canadian dollars, and Toronto-Dominion Bank dropped 0.22 percent to 55.36 Canadian dollars.

Utilities logged the biggest increase by 1.03 percent, when its leading company Fortis climbed 1.41 percent to 38.88 percent.

In other gainers, info rech and telecom advanced 0.89 percent and 0.54 percent, respectively.

On the currency front, the Canadian dollar on Friday moved lower to 0.8318 U.S. dollar, compared with 0.8334 U.S. dollar Thursday. Endite