Oil helps stocks
TORONTO (Reuters) - The Toronto Stock Exchange’s main index ended 100 points higher as shares of oil and gas companies rose along with crude prices, with strength in metals also providing support.The S&P/TSX composite index closed up 100.30 points, or 0.8 percent, at 13,265.80.
All but one of the TSX index’s 10 main groups were higher, led by a 1.3 percent jump in the energy sector. The healthcare sector shed 0.2 percent.
“We’re looking for a very active spring in the oils — higher prices of oil amidst all this uncertainty,” said John Ing, president of Maison Placements Canada.
He said geopolitical jitters, together with a rundown of inventories, may continue to put the energy sector in the spotlight,
Oil eased off early highs due to a softening of tension between Iran and Britain, but still settled up seven cents at $65.94 a barrel after trading as high as $66.69.
EnCana rose 96 Canadian cents, or 1.6 percent, to C$59.36, while Canadian Natural Resources climbed C$1.14, or 1.8 percent, to C$64.89.
Takeover news also helped bolster index sentiment, said Gavin Graham, chief investment officer at Guardian Group of Funds.
Although not in the index, units of consumer products maker KCP Income Fund rose C$1.93, or 24 percent, to C$9.93 after it said Monday it will be acquired by New York-based private equity firm Caxton-Iseman Capital Inc. The two firms said the transaction is worth C$804 million overall.
