Canada's main stock index rose on Friday and was on track for its best weekly performance since late December, with energy shares leading the gains as crude prices rose to multi-year highs.
At 9:48 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 159.97 points, or 0.76%, at 21,253.98.
The energy sector climbed 2.1% as oil prices hit seven-year highs on supply concerns, fueled by geopolitical tensions and a winter storm in the United States.
"Oil prices remain in rally mode as investors price in the effects of extreme winter weather rolling through Texas and disrupting production," said Brandon Michael, senior analyst at ABC Funds.
Adding further gains was the healthcare sector up 1.2%, with Sienna Senior Living Inc rising 3%, leading gains after brokerage Canaccord Genuity upgraded the stock's rating.
The benchmark equity index has advanced 1.7% so far this week and was set for its best weekly gains in six, aided by a more than 5% jump in energy stocks.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.2% as copper prices rose.
Technology stocks rose 0.4%, tracking gains in US tech-heavy Nasdaq index following upbeat Amazon.com Inc's results.
"This report (Amazon's results) should have a positive effect on the technology sector, which we believe is poised to bounce from deeply oversold conditions," Michael added.
On the economic front, the Canada lost a net 200,100 jobs in January, more than analysts had expected, and the unemployment rate jumped to 6.5% from 6.0% in December, Statistics Canada data showed.
Highlights
The TSX posted 20 new 52-week highs and one new low.
Across Canadian issues, there were 52 new 52-week highs and 50 new lows, with total volume of 41.12 million shares.
Reuters
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