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TSX rises 0.7% to 20,421.85
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Posts its highest closing level since March 6
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The materials sector gains 1.3%
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Energy rises 1.2%; oil settles 2.2% higher
(Adds analyst quote, details on activity)
By Shristi Achar A and Fergal Smith
April 11 (Reuters) - Canada's main stock index closed at
a five-week high on Tuesday as firmer commodity prices bolstered
energy and gold mining shares.
The Toronto Stock Exchange's S&P/TSX composite index ended up 146.03 points, or 0.7%, at 20,421.85, its
highest close since March 6.
"Canada basically is getting a boost from a rally in
commodities, outperforming the U.S. markets," said Colin
Cieszynski, chief market strategist at SIA Wealth Management.
The S&P 500 U.S. benchmark ended slightly lower as
investors awaited crucial inflation data and the unofficial
kickoff of the first-quarter reporting season.
The Toronto market's materials sector, which includes
precious and base metals miners and fertilizer companies, gained
1.3% as gold and copper prices rose.
Multinational mining company Glencore proposed
introducing a cash component to its $22.5 billion bid for Teck
Resources and urged its board to delay an impending
vote on a restructuring.
Shares of Teck Resources increased 0.9%, while energy
advanced 1.2% as oil settled 2.2% higher at $81.53 a
barrel.
"The oil market is going to remain tight and while China's
reopening has underwhelmed, they will do a lot better going
forward and that should keep prices supported," Edward Moya, a
senior market analyst at OANDA, said in a note.
The energy and materials sectors combined account for 32% of
the weighting on the Toronto market. Financials, another major
component, rose 0.6%.
Healthcare fell 1.9%, led by a 9.4% decline in Tilray
Brands shares after the cannabis producer said it
would buy Hexo Corp for $56 million. Shares of Hexo
Corp plunged 27.8%, giving back Monday's sharp rally.
(Reporting by Fergal Smith; Additional reporting by Shristi
Achar A in Bengaluru; Editing by Shilpi Majumdar, Jonathan Oatis
and Richard Chang)
