Energy and Financials pushes Canadian market to 2-week high

Canada's main stock market in Toronto ended Thursday's session at its highest closing point since Jan. 25, as rising crude oil prices along with imminent U.S. tax cuts fueled the Energy and Financial groups.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite climbed 63.26 points, or 0.41 percent, to finish the trading day at 15,617.30 points. Seven of the ten sub-groups closed the session ahead.

The TSX Energy group posted the strongest gains on the day, rising 2.30 percent as crude oil prices bounced back. The price of Brent delivered in April advanced 0.89 percent to 55.66 U.S. dollars a barrel, while a barrel of West Texas Intermediate for March delivery gained 1.39 percent to 53.07 U.S. dollars.

As a result, Calgary-based firms Encana Corporation and Baytex Energy Corp saw respective gains of 6.50 percent and 0.61 percent. Also making news was Suncor Energy Inc. shares rising 2.37 percent to 41.47 Canadian dollars (31.57 U.S. dollars) after posting a fourth quarter net income of 531 million Canadian dollars (404 million U.S. dollars), compared to a 2.007 billion loss in the same quarter last year.

The Financial group also benefited on the day, as U.S. President Donald Trump's office hinted at "phenomenal" tax cuts to be announced in the next two or three weeks. The group made up of banks and insurance firms rose 0.59 percent.

Canada's two largest banks, Royal Bank of Canada and Toronto-Dominion Bank posted gains of 0.79 percent and 0.68 percent, respectively. Toronto-based Manulife Financial Corp. was the most actively traded stock on the day after posting fourth quarter financials that saw the insurance firm meet their four billion Canadian dollar (3.04 billion U.S. dollars) revenue target. Despite the strong results, the stock closed the session at 24.45 Canadian dollars (18.61 U.S. dollars), a 0.53 percent loss.

Other groups to finish ahead on Thursday were: Consumer Discretionary (0.65 percent), Information Technology (0.64 percent), Consumer Staples (0.54 percent), Industrials (0.49 percent), and Health Care (0.18 percent).

Groups that finished the session on the losing side were: Materials (1.30 percent), Telecommunications (0.43 percent), and Utilities (0.24 percent).

The TSX Materials Group, which is comprised of producers of gold, precious metals, and raw materials, took the biggest hit on the day, as gold prices saw the biggest single-day loss since mid-December. The spot price of bullion fell 1.06 percent to 1,227.80 U.S. dollars an ounce. The same weight of silver gave back 0.79 percent to close at 17.61 U.S. dollars, while a pound of copper fell 1.26 percent to 2.6339 U.S. dollars.

Subsequently, Toronto-based gold miners IAMGOLD Corporation and Yamana Gold Inc. saw share prices retreat 4.45 percent and 3.16 percent, respectively. Barrick Gold Corporation, the world's largest producer of gold, also lost ground on the day, slipping 2.21 percent to 25.18 Canadian dollars (19.17 U.S. dollars).

The Telecommunications group was dragged down by Vancouver-based TELUS Corporation shares falling 2.29 percent to 43.14 Canadian dollars (32.84 U.S. dollars) after fourth quarter profits fell below expectation. Compared to the third quarter, Canada's third largest telecommunications firm saw revenues rise 2.7 percent and adjusted net income fall 2.5 percent in the latest quarter.

The Canadian dollar inched up 0.08 cents to settle at 0.7612 U.S. dollars. Endite