Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

CANADA STOCKS-TSX slightly higher with gold miners

Published 2016-12-02, 05:03 p/m
Updated 2016-12-02, 05:10 p/m
© Reuters.  CANADA STOCKS-TSX slightly higher with gold miners

© Reuters. CANADA STOCKS-TSX slightly higher with gold miners

(Adds fund manager comment, updates prices to close)

* TSX ends up 24.99 points, or 0.17 percent, at 15,052.52

* Index down 0.15 pct on week after hitting near 18-month high

By Alastair Sharp

TORONTO, Dec 2 (Reuters) - Canada's main stock index eked out a small gain on Friday as miners rose as the price of gold climbed while energy stocks slipped after an OPEC deal earlier in the week propelled oil to its biggest weekly gain in years.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE settled up 24.99 points, or 0.17 percent, at 15,052.52. For the week, it slipped 0.15 percent, after hitting a near 18-month high on Thursday.

The financials group was flat, torn between gains for banks at the end of a busy week of earnings and a pullback in insurers, which have jumped sharply since early November on rising bond yields.

National Bank of Canada NA.TO added 1.4 percent to C$51.52 after the country's sixth biggest lender posted better-than-expected profit and said it planned to strengthen its capital position next year. trend is very positive for banks in general because we've got higher rates and the stability in the residential mortgage book is still pretty much there," said John Stephenson, president of Stephenson & Company Capital Management.

He said insurers likely also had room to rise further as higher bond yields reduce the value of their liabilities.

The most influential gainers on the index included Barrick Gold Corp ABX.TO , the world's largest gold producer, which rose 4 percent to C$20.81 as it cut its debt, and diversified miner Teck Resources Ltd TCKb.TO , which added 3.4 percent to C$33.66.

Stephenson said he prefers the likes of Teck and First Quantum Minerals Ltd FM.TO over gold miners given that they would likely benefit from the major infrastructure spending proposed by U.S. President-elect Donald Trump.

Gold futures GCc1 rose 0.8 percent to $1,175.70 an ounce while copper prices CMCU3 fell 0.5 percent to $5,760.15 a tonne. GOL/ MET/L

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.8 percent.

Bombardier Inc BBDb.TO rose 2.2 percent to C$1.87. The planemaker said it has won orders for three aircraft from Tanzania. Canadian economy added 10,700 jobs in November, and the jobless rate fell to a five-month low of 6.8 percent, although part-time work accounted for the gains for a second month in a row, Statistics Canada said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.