Oil sales rise
TORONTO (Reuters) - The Toronto Stock Exchange’s main index set a record high close yesterday as energy issues climbed amid a cold snap across North America and financial stocks provided buoyancy.The S&P/TSX composite index closed up 55.12 points, or 0.4 percent, at 13,166.69, surpassing the previous record close of 13,144.74, set on February 1.
“There’s a short-term hope, particularly by traders, to continue to see a high demand in heating oils and natural gas as the more seasonal weather continues in the east,” said Brian Pow, vice president, research and equity analyst at Acumen Capital Partners, in Calgary.
If there’s an abrupt change in the weather, the bears may come back in, he added.
Eight of the TSX index’s 10 main groups were higher, with the heavyweight energy and financial-services sectors providing most of the support, gaining 0.6 percent and 0.7 percent, respectively.
Oil prices supported gains in the energy sector throughout the day, but US crude futures sagged in late profit-taking despite the cold weather.
EnCana Corporation gained 66 Canadian cents, or 1.2 percent, to C$57.78, while Nexen Inc. rose C$1.49 Canadian cents, 2.1 percent, at C$73.34.
March US crude settled down 28 cents, or 0.5 percent, at $58.74 a barrel, after hitting a peak of $59.95 earlier, on expectations of higher demand for heating fuel and as forecasters predicted freezing temperatures would not let up this week.
In other energy news, CIBC World Markets reduced its over-weighting of energy stocks amid a trend by many OECD governments to cut greenhouse gas emissions, the bank’s chief economist, Jeff Rubin, said in a report yesterday.
