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Energy helps Canadian market reach 3-week high

Xinhua, March 29, 2017 Adjust font size:

Canada's main stock market rose for a fifth straight session on Tuesday, as a jump in crude oil prices along with gains in Industrial and Financial sectors contributed.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite climbed 92.35 points, or 0.60 percent to finish the session at 15,598.57 points, the highest close since Mar. 7. Eight of the ten sub-groups ended the day in positive territory.

Crude oil prices gained on the day after armed groups halted oil production in two Western Libya pipelines, reducing output by 250,000 barrels a day. In addition, Iran' s Oil Minister told reporters earlier in the day that an extension of deal between OPEC members and non-members was likely to be extended to be extended past June. As a result of the news, the price of Brent crude oil delivered for May jumped 0.95 percent to a 6-day high of 51.27 U.S. dollars a barrel.

Subsequently, the TSX energy group flourished on the day, rising 2.09 percent. Calgary-based Encana Corporation shares surge 5.23 percent to 14.90 Canadian dollars (11.13 U.S. dollars), while Suncor Energy Inc. shares advanced 2.35 percent to 41.42 Canadian dollars (30.95 U.S. dollars).

Industrials and Financial sectors also posted strong gains, advancing 1.22 percent and 0.90 percent, apiece.

The Industrials group was fuelled by three of the country' s largest transportation firms. Railway companies Canadian National Railway and Canadian Pacific Railway posted respective gains of 1.71 percent and 1.53 percent, while Air Canada saw shares jump 2.07 percent to 13.82 Canadian dollars (10.33 U.S. dollars).

The TSX Financial group saw steady gains within the group' s biggest companies. Insurance firms Manulife Financial Corporation and SunLife Financial Inc. both rose 1.20 percent to close at 23.67 Canadian dollars (17.69 U.S. dollars) and 48.98 Canadian dollars (36.60 U.S. dollars), respectively. Meanwhile, all of the top-four banks in the country rose. No. 2 ranked Toronto-Dominion Bank led the charge with a 1.18 percent uplift, which No. 1 ranked Royal Bank of Canada shares grew 1.06 percent.

The remaining groups to finish the day ahead were: Consumer Discretionary (0.75 percent), Information Technology (0.33 percent), Consumer Staples (0.19 percent), Telecommunications (0.13 percent), and Utilities (0.00 percent).

After finishing as the top gainers during yesterday' s session, Materials and Health Care groups were the lone laggards on the day, slipping 1.67 percent and 0.29 percent, respectively.

The TSX Materials group, which consists of producers of gold, precious metals, and raw materials, dipped after the U.S. Consumer Confidence unexpectedly surged to a 16-year high. As a result, the spot price of gold fell from a four-week high to 1,251.30 U.S. dollars an ounce. As a result, Vancouver-based Goldcorp Inc. saw shares plunge 6.90 percent to 19.98 Canadian dollars (14.93 U.S. dollars). Shares of B2Gold Corp and Yamana Gold Inc. were also hit hard, dipping 4.79 percent and 4.15 percent, apiece.

The Health Care sector faded one day after the Federal government announced plans to introduce a bill that will legalize marijuana by July 2018. Shares of Canopy Growth Corporation, the largest medical marijuana distributor in Canada gave back 0.55 percent to close at 10.92 Canadian dollars (8.16 U.S. dollars). Meanwhile, pharmaceutical firms Valeant Pharmaceuticals International and ProMetic Life Sciences Inc. retreated 1.04 percent and 1.35 percent during the session.

The Canadian dollar ticked down 0.04 cents to close the day 0.7472 U.S. dollars. Endit