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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 details throughout, updates prices to close)
By Shristi Achar A and Fergal Smith
April 11 (Reuters) - Canada's main stock index rose to
its highest closing level in five weeks on Tuesday as higher
commodity prices bolstered energy and gold mining shares.
The Toronto Stock Exchange's S&P/TSX composite index ended 146.03 points, or 0.7%, higher at 20,421.85, its
highest closing level since March 6, preliminary data showed.
"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%.
Energy advanced 1.2% as oil settled 2.2% higher at $81.53 a
barrel , while heavily weighted financials were up 0.6%.
Healthcare was a laggard, falling 1.9%. It was weighed by a
9.4% decline in the shares of Tilray Brands 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 and Jonathan
Oatis)
