Metal, energy up
TORONTO (Reuters) - The Toronto Stock Exchange's main index ended higher for a fourth straight session yesterday as shares of oil and gas companies got a boost from oil prices, while materials issues also rose.The S&P/TSX composite index closed up 39.01 points, or 0.3 percent, at 14,176.42, a record closing high.
"There's good action in the commodity and energy groups, continued speculation about what's next on the take-over front; general all-round optimism, muted inflation," said Elvis Picardo, investment strategist at Northern Securities Inc. in Vancouver.
"It's one piece of good news after the other."
Overall, six of the TSX index's 10 main groups were higher, led by a 0.7 percent jump in both the heavyweight energy shares and the resource-laden materials sector. Together, the groups make up more than 40 percent of the market.
Shares of oil and gas companies rose amid a jump in US crude prices, which rose $1.09 to $69.09 a barrel amid a the threat of supply interruptions in Nigeria and Brazil.
"The crude prices are going to be exceptionally volatile in the next short while," said Joe Ismail, technical analyst at Maison Placements Canada.
"As a result, it will cushion the platform under the senior oil stocks here in the Canadian market."
Suncor Energy rose C$1.04, or 1.1 percent, to C$98.71, while EnCana climbed 31 Canadian cents, or 0.4 percent, to C$70.52.
Materials stocks rose on the back of firm base metal prices. Copper producer First Quantum Minerals was up C$2.41, or 2.5 percent, at C$99.37.