Resource stocks pull Toronto benchmark index lower, loonie weakens
Resource stocks pull Toronto benchmark index lower, loonie weakens
06 May, 2017, 08:05
The June crude contract was up US$1.00 at US$46.52 per barrel and the June natural gas contract was up four cents at US$3.23 per mmBTU.
TransCanada Corp (Toronto:TRP.TO - News) fell 2.1 percent to C$62.65 after saying it would sell stakes in two pipelines, which McKinley said "provides investors with a better line of sight on how to think about the value of the company".
Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite jumped 185.34 points, or 1.20 percent to close the week at 15,582.04 points.
As a result, shares of Calgary-based Enerplus Corporation and Baytex Energy Corp surged 10.47 percent and 9.84 percent, apiece.
The most influential movers on the index included Bank of Nova Scotia, which rose 2.2 percent to C$76.82, and Tourmaline Oil, which added 5.9 percent to C$27.59 after the energy company reported strong quarterly earnings on Thursday.
Canada's energy group, which accounts for more than a fifth of the index's weight, retreated 3 percent.
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Materials stocks like miners and other resources added 1.5 percent.
Copper prices advanced 0.8 percent to $5,584.85 a tonne and gold futures rose 0.1 percent to $1,228 an ounce.
The loonie recovered some ground after hitting a fresh 14-month low at C$1.3793.
The Financial group received a boost after all of the country's five biggest banks finished ahead. But the shares reversed course to end 2.7 percent lower at $5.85, holding just above the 13-year low it had plunged to last week at $5.68. The industrials group rose 0.4 percent.
On the economic front, Statistics Canada reported that the country's unemployment rate in April fell 0.2 percent to 6.5 percent, the lowest since October 2008.
The Canadian dollar rose 0.17 of a USA cent to an average value of 72.93 cents US.
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