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TSX ends up 0.3% at 20,641.97
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Posts its highest closing level since Feb. 15
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Teck Resources shares climb 7.8%
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Shopify adds 4.8%
(Adds investor quotes and details on activity)
By Fergal Smith
April 17 (Reuters) - Canada's main stock index rose to
its highest closing level in two months on Monday, helped by
gains for the technology sector and a fresh record high for the
shares of takeover target Teck Resources Ltd .
The Toronto Stock Exchange's S&P/TSX composite index ended up 62.06 points, or 0.3%, at 20,641.97, its
seventh straight day of gains and its highest closing level
since Feb. 15.
Recent data showing stronger-than-expected growth in
Canada's economy bolstered investor sentiment, but the focus has
now turned to company earnings, said Kevin Headland, co-chief
investment strategist at Manulife Investment Management.
"I think we'll see that as we get further into this
earnings season both in the U.S. and Canada," Headland said.
Major U.S. stock indexes also posted gains as investors braced for a heavy week of corporate results.
Last Wednesday, the
Bank of Canada raised its GDP growth forecast for this year to 1.4%, from 1.0% in January.
On the Toronto market, Teck Resources shares climbed 7.8%, taking its gains since the start of the month to 32%. Glencore executives have met or spoken with some 120 Teck Resources shareholders during a short visit to Toronto in an effort to win support for the company's takeover bid, a source familiar with the situation said. The technology sector rose 0.5% as e-commerce company Shopify Inc added 4.8%. Industrials and heavily-weighted financials also gained 0.5%. Consumer staples was among the sectors that lost ground, falling 0.9%. Energy was down 0.3% as oil settled 2.1% lower at $80.83 a barrel. (Reporting by Fergal Smith; Additional reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar and Paul Simao)
