$61 oil lifts stocks
TORONTO (Reuters) - The Toronto Stock Exchange’s main index ended higher Friday as shares of energy companies rose along with the price of oil, while Fairfax Financial Holdings Ltd. added support.
The S&P/TSX composite index closed up 22.55 points, or 0.2 percent, at 13,343.53, a record closing high.
The benchmark index was up 0.2 percent on the week.
Overall, six of the TSX index’s 10 main groups were higher, with the heavyweight energy sector, which accounts for nearly 30 percent of the index’s weight, up 0.4 percent.
U.S. crude rose to $61.14 a barrel, after touching as high as $61.80, following a sharp drop in fuel stocks in the United States as well as supply concerns resulting from the Iran nuclear stand-off.
EnCana rose 41 Canadian cents, or 0.7 percent, to C$55.96, while Petro-Canada added 69 Canadian cents, or 1.6 percent, to C$44.65.
Metal prices rallied with gold nearing the $700 an ounce level. Base metals prices were also firm. Goldcorp climbed 19 Canadian cents, or 0.6 percent, to C$32.99, while Alcan Inc. rose 44 Canadian cents, or 0.7 percent, to C$63.04.
Goldcorp said Friday that 2006 gold production increased 49 percent to 1.69 million ounces, and that it expects 2007 production to be about 2.6 million ounces, assuming it sells its Peak and Amapari mines.
Fairfax Financial surged C$20.68, or 10 percent, to C$221.23 after the company said after the bell Thursday it swung to a profit in the fourth quarter.
