TORONTO: Canada’s main stock index added to its weekly gain on Thursday, as a jump in oil prices on fading hopes that the Iran war would soon end boosted energy shares.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 150.27 points, or 0.5 percent, at 33,108.22, posting its highest closing level since March 11.
For the holiday-shortened week, the TSX was up 3.6 percent, which was its biggest weekly gain since November. The index is set to be closed on Friday in observance of Good Friday.
The price of oil settled 11.4 percent higher at USD111.54 a barrel in volatile trading, as traders worried about prolonged disruptions to oil supply the day after US President Donald Trump said the United States would continue attacks on Iran.
“War news is driving everything,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “We are seeing a little bit of defense and a lot of interest in the resource sectors ongoing.
Domestic data had little impact. Canada’s trade deficit widened to CD5.74 billion (USD4.12 billion) in February from an upwardly revised CD4.18 billion in the prior month as both imports and exports climbed.
Energy gained 2 percent, lifting its gains since the start of the year to 38.8 percent.
Utilities, which is considered a defensive play, was up 1 percent.
Technology added 1.1 percent and heavily weighted financials edged 0.4 percent higher.
Just two of 10 major sectors ended lower, including materials. It dipped 0.5 percent as the price of gold fell 1.9 percent, giving back some of its gains in recent days.
Shares of Rogers Communications lost 7.9 percent after TD Cowen cut its rating and price target on the stock.
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