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Roundup: Canadian stock market extends gains over rising oil, upbeat data

Xinhua, August 29, 2015 Adjust font size:

Canada's main stock market rose on Friday for a fourth consecutive trading day this week amid rising oil prices and upbeat domestic data.

Following a big jump Thursday, Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index added 98.40 points or 0.71 percent to 13,865.07 points Friday, as resources shares continued rising, with energy up 3.06 percent on higher crude prices.

The mining sector strengthened 1.84 percent when both basic and precious metals gained momentum from the rise of commodities prices. Copper maker Teck Resources Ltd. advanced 3.43 percent to 9.36 Canadian dollars (about 7.08 U.S. dollars) and gold producer Barrick Gold Corp. soared 4.31 percent to 9.44 Canadian dollars.

The industrial sector gained 0.83 percent after Statistics Canada reported on Friday that the Industrial Product Price Index (IPPI) increased 0.7 percent in July, the third consecutive monthly rise. The IPPI also posted the first year-over-year increase since November 2014, after declining 0.9 percent in June.

Canada's biggest aircraft and railway maker Bombardier Inc. rallied 4.17 percent to 1.25 Canadian dollars, and Canadian Pacific Railway Ltd. added 1.67 percent to 193.18 Canadian dollars per share.

Financials and telecom, however, made downward corrections after big rises Thursday, down 0.07 percent and 0.02 percent respectively.

On the economic beat, investors are waiting for Canada's real GDP for the second quarter, which is set to be released on next Tuesday.

"It is expected to decline by 0.8 percent (annualized rate), for the second consecutive quarterly contraction. This is due to widespread weakness, albeit with the biggest declines in the resource sector," according to a report issued by TD Bank on Friday.

On the currency front, the Canadian dollar was modestly higher on Friday to 0.7567 U.S. dollar, compared with 0.7565 U.S. dollar Thursday. Endit