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Roundup: Canadian stock market rebounds over financials, energy gains

Xinhua, November 17, 2015 Adjust font size:

Canada's main stock market in Toronto Monday rebounded with a solid rally when financial and energy shares made upwards corrections as oil prices were gaining momentum after the terrorists attack in Paris on last Friday.

After a slump for eight straight sessions,the Toronto Stock Exchange's benchmark Standard & Poor's/ TSX Composite Index rose 242.10 points or 1.85 percent to settled at 13,317.52 points.

The equities market was boosted as the oil prices rallied over geopolitical tensions when the French defence ministry said its military jets Sunday bombarded a stronghold of the Islamic State (IS) in Raqqa, Syria, which came 48 hours after attacks claimed by IS killed 132 people in suicide bombings and shootings in Paris.

Energy, the biggest gainer in the TSX, jumped 4.32 percent when the light, sweet crude for December delivery moved up 1 U.S. dollars to settle at 41.74 dollars a barrel on the New York Mercantile Exchange on Monday.

The oil and gas giant Suncor Energy Inc. rose 3.76 percent to 38.32 Canadian dollars (about 28.76 U.S. dollars) while Crescent Point Energy Corp. gained 5.36 percent to 18.09 Canadian dollars per share.

And Financials advanced 1.55 percent, wiping off the losses in the last week, as banks stocks bounced up with Royal Bank of Canada up 1.73 percent to 75.22 Canadian dollars and Toronto-Dominion Bank moving higher 1.09 percent to 53.95 Canadian dollars.

Meanwhile,the index was also gaining rising streak when investors were relatively positive on Canada's economic outlook in the third quarter, although Statistics Canada Monday reported a downbeat manufacturing data, saying that manufacturing sales declined 1.5 percent to 51.1 billion Canadian dollars in September, following a 0.6 percent decrease in August.

On the surface, the September manufacturing sales numbers were disappointing. However, for the quarter overall, manufacturing is expected to be a significant source of growth, and"we continue to track third quarter real GDP growth in the 2.5 percent range",according to Brian DePratto, an economist from TD Bank.

By contrast, Metals and mining, down 0.43 percent, was the only loser in TSX, with First Quantum Minerals Ltd. lower 4.6 percent to 4.98 Canadian dollars per share.

On the currency front, the Canadian dollar Monday inched lower to 0.7505 U.S. dollar at 4 O'clock (the Canadian Eastern Daylight Time), when compared with 0.7509 U.S. dollar on last Friday, as analysts believed that the Canadian dollar will be trading lower against the greenback since the U.S. Federal Reserve is expected to raise rates in December. Enditem