Energy helps Canadian market open week higher

Canada's main stock market started the week positively, as gains in energy and health care sectors helped the index end the day at its highest close in more than six weeks.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite rose 63.66 points, or 0.41 percent to end the session at 15,730.79 points. Eight of the ten sub-groups closed the day ahead.

Energy and Health Care groups led the way, with advances of 1.60 percent and 1.24 percent, respectively.

The TSX Energy group was fuelled by crude oil reaching a one-month high after Libya' s largest oil field was shut down for the second time in two weeks. As a result of the disruption, the OPEC member has declared a force majeure. The price of Brent delivered in June jumped 1.40 percent to 55.94 U.S. dollars a barrel, its highest close since Mar. 8.

Subsequently, Alberta-based energy firms thrived. Pengrowth Energy Corporation led the way with a 6.29 percent ascent while Crescent Point Energy shares soared and 4.90 percent. Baytex Energy Corp and Encana Corporation also thrived with respective gains of 3.49 percent and 3.02 percent. Suncor Energy Inc, the largest producer of crude oil in Canada, closed at 41.79 Canadian dollars (31.35 U.S. dollars) a share, a 0.77 percent uptick.

Health Care received a boost after reports that the Federal government planned to formally introduce a marijuana bill on Thursday. Shares of Canopy Growth Corporation, the largest distributor of medical marijuana in Canada, was the second most traded stock with more than six million shares exchanged. At the end of the trading day, shares of the Smith Falls-based firm closed at 10.87 Canadian dollars (8.15 U.S. dollars), a 6.36 percent surge. Competitor Aphria Inc also had a strong day, gaining 6.07 percent to close at 8.39 Canadian dollars (6.29 U.S. dollars).

The remaining groups to finish the day in positive territory were: Industrials (0.78 percent), Consumer Staples (0.64 percent), Utilities (0.50 percent), Materials (0.41 percent), and Consumer Discretionary (0.38 percent).

Industrials finished ahead as Montreal-based Bombardier Inc shares were the top traded stock during the session and closed at 2.22 Canadian dollars (1.67 U.S. dollars), a 4.72 percent increase. Railway firms Canadian Pacific and Canadian National also contributed, with respective gains of 1.35 percent and 1.00 percent.

Meanwhile, British Columbia-based industrial auctioneer Ritchie Bros. Auctioneers Incorporated shares plummeted 5.39 percent after February and March auction figures slipped 11.76 percent compared to the same period last year.

Two groups failed to finish ahead and closed with modest declines. The Financial group inched down 0.09 percent, while the Information Technology group faded 0.02 percent.

The Canadian dollar jumped 0.44 cents to begin the week at 0.7501 U.S. dollars. Endit