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TSX ends up 0.1% at 20,579.91
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Posts weekly gain of 1.9%
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Financials add 0.2% as U.S. bank stocks rally
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Energy gains 0.3%; oil settles 0.4% higher
(Adds details on activity, updates prices to close)
By Shristi Achar A and Fergal Smith
April 14 (Reuters) - Canada's main stock index edged up
on Friday to its highest closing level in six weeks, helped by
gains for energy and financial shares, while weaker gold prices
drove down mining stocks.
The Toronto Stock Exchange's S&P/TSX composite index rose 15.42 points, or 0.1%, to 20,579.91, its highest
closing level since March 3. For the week, it was up 1.9%, its
fourth straight week of gains.
The heavily weighted financials sector added 0.2%, tracking
gains for big U.S. banks after they reported earnings.
"The read through to Canada is largely from the banks (in
the U.S.)," said Brian Madden, chief investment officer at First
Avenue Investment Counsel.
"It is good news for the Canadian banks in general because they have operations in the United States, so that should bode well for their results in their U.S. operations."
Energy advanced 0.3% as oil added to recent gains. It settled 0.4% higher at $82.52 a barrel after the West's energy watchdog said global demand will hit a record high this year on the back of a recovery in Chinese consumption. Technology was also a bright spot, rising 0.8%, but the materials sector, which includes precious and base metals miners and fertilizer companies, was a drag. Materials ended down 0.8% as fading hopes of an early pause in the Federal Reserve's interest rate hiking cycle weighed on the price of gold. (Reporting by Fergal Smith; Additional reporting by Shristi Achar A in Bengaluru; Editing by Shailesh Kuber and Richard Chang)
