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Canadian stocks rise for fourth straight session

Xinhua, September 23, 2016 Adjust font size:

Canada's main stock market continued its climb with a fourth consecutive day of gains on Thursday following strong showings from energy and financial sectors.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 86.35 points, or 0.59 percent, to close at 14,797.17 points. Nine of the index's ten sub-sectors traded in the positive on the day.

Coming off a week where it lost 89.31 points, TSX is now up 346.49 points, or 2.4 percent since the beginning of the week. This is the largest gain over a four-day period since the period of July 8-13.

A day after the U.S. Energy Information Administration surprised the market with lower crude inventories than expected, oil prices continued to rise on Thursday.

A barrel of U.S. light sweet crude for November delivery advanced 0.74 U.S. dollars to 46.32 dollars in New York. Brent crude for delivery in the same month was up 0.43 dollars to close at 47.52 dollars a barrel.

The TSX Energy Group was the biggest winner in the day, advancing 1.42 percent on Thursday. Calgary-based Encana Corporation and Baytex Energy Corp. were the most traded stocks in the day, with shares rising 1.63 percent and 4.52 percent respectively to 12.45 Canadian dollars (9.53 U.S. dollars) and 5.32 Canadian dollars (4.07 U.S. dollars).

The TSX Materials group, which features miners of gold and other precious metals, was the only group in the red on the trading day. Toronto-based Barrick Gold Corporation, the world's largest gold mining company, saw shares drop 0.35 Canadian dollars to close the day at 24.16 Canadian dollars (18.5 U.S. dollars).

The Canadian dollar was up 0.0026 on the day to finish at 0.7658, compared to Wednesday's closing rate of 0.7632 U.S. dollars. Endi