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CANADA STOCKS-TSX racks up best week in two years as oil shares rise

Published 2018-02-16, 04:47 p/m
© Reuters.  CANADA STOCKS-TSX racks up best week in two years as oil shares rise
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Feb 16 (Reuters) - Canada's main stock index rose on Friday as a boost from the heavyweight energy sector helped the market rack up its best weekly performance in nearly two years.

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished up 44.98 points, or 0.29 percent, at 15,452.64.

* For the week, the index was up 2.8 percent in its biggest increase since March 2016, partly thanks due to a strong rally on Monday following last week's global equities sell-off.

* The energy group .SPTTEN climbed 1.1 percent, boosted for the second day by TransCanada Corp TRP.TO , which advanced 2.3 percent to C$57.61 after it said on Thursday it would go ahead with the expansion of its NGTL natural gas system. Suncor Energy SU.TO also helped support the market, gaining 2.2 percent to C$43.36 as the price of oil was boosted by a rebound in global equities. U.S. crude CLc1 settled up 34 cents at $61.68 a barrel.

* But the market's gains were tempered by a drop in gold producers .SPTTGD as gold futures GCc1 fell 0.3 percent to $1,347.70. Agnico Eagle Mines AEM.TO was among the biggest drags on the index, down 3.9 percent at C$54.12, while First Quantum Minerals FM.TO declined 2.7 percent to C$20.81. GOL/

* Shares of cannabis companies also came under pressure the day after Canadian government officials said the planned July start date for legalized recreational marijuana was set to be delayed further. Canopy Growth WEED.TO dropped 5.3 percent to C$26.50, while Aphria Inc APH.TO slumped 5.5 percent to C$14.06. Aurora Cannabis ACB.TO was among the most actively traded companies, down 6.6 percent at $10.13.

* Separately, the province of Alberta said recreational marijuana will be sold in licensed private retail stores to be overseen by a government regulator. The federal government has left the details of how to sell cannabis up to the provinces. Among the day's corporate earnings, Air Canada AC.TO rose 1.3 percent to C$24.64 after it reported better-than-expected profit and said it expects a joint venture with Air China 60111.SS to be wrapped up this spring. The TSX posted 7 new 52-week highs and 4 new lows. Across all Canadian issues there were 19 new 52-week highs and 21 new lows. Volume on the TSX index was 215.29 million shares.

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