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Canadian stock market ticks up to open week

Xinhua, October 18, 2016 Adjust font size:

Canada's main stock market opened the week up slightly on Monday as the increase in gold outpaced decrease in oil.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index inched up 11.53 points, or 0.08 percent, to open the week at 14,596.52 points. Five of the 10 sub-sectors in the index advanced on the day.

After plunging to a three-month low, spot price of gold rose 0.37 percent to close at 1,255.14 U.S. dollars an ounce.

The TSX Materials Group, which features miners of gold and other metals, made the biggest move on the day with a 0.85-percent advance. Barrick Gold, the world's largest gold mining company, gained 1.26 percent to 15.89 dollars a share, while Vancouver-based B2Gold Corp. stocks rose 3.08 percent to 2.55 U.S. dollars.

Crude oil prices were not as lucky as gold, as Brent crude oil for delivery in December fell 0.81 percent to close at 51.55 U.S. dollars a barrel in London.

Following oil falling, the TSX Energy Group dropped 0.28 percent during the session. Alberta-based Baytex Energy Corp. was the most heavily traded stock of the day, dipping 4.09 percent to 4.11 U.S. dollars a share. Meanwhile, energy producer Encana Corporation saw shares fall 1.57 percent to 10.95 U.S. dollars.

Telecommunications sector fell 0.14 percent as Rogers Communication's CEO announced the unexpected immediate resignation after poor third-quarter financials. Class B non-voting shares fell 0.24 percent on the day to close at 41.29 U.S. dollars.

Earlier in the day, Onex Corporation shares rose 0.05 percent to 62.92 U.S. dollars after the company announced a 1.37-billion-dollar purchase of Save-A-Lot discount grocery stores. The deal is expected to be completed in January 2017 and will provide Onex with 1,370 stores in the United States.

The Canadian dollar closed at 0.7617 U.S. dollars, compared to Friday's closing rate of 0.7607 U.S. dollars. Endi