Canada's main stock market Friday extended gains for a second straight session as worries about the global economy have subsided a bit after the release of positive U. S. economic data and a rise in oil prices boosted the energy sector.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index boosted 174.71 points, or 1.24 percent, to 14,227.68 points, with all of the eight major sectors positive after investors moved into areas hard hit when the market sank into correction territory this week.
Speculation that U.S. Federal Reserve may delay the end of its asset-buying program following recent comments from St. Louis Fed President James Bullard is contributing as well to the surge.
In commodities, crude oil futures for November delivery are up 0.05 U.S. dollars to 82.75 dollars per barrel, which was good news for Canadian energy producers and a sign the long slide in oil prices may be over. December copper was up 0.022 U.S. dollars at 3. 0035 dollars per pound on the COMEX division of the New York Mercantile Exchange.
On Friday, Statistics Canada reported that Canadian consumer price rose 2.0 percent in September year on year, after increasing 2.1 percent in August. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2 percent in September, after rising 0.1 percent in August.
TSX's financials sector led advancer Friday, climbing 2.03 percent to 244.18 Canadian dollars. Toronto-Dominion Bank advanced 2.69 percent to 53.47 Canadian dollars, and Bank of Nova Scotia added 2.20 percent to 67.31.
Energy sector, which was hit hardest by the recent carnage, rebounded 1.32 percent to 260.89 Canadian dollars with Canadian Natural Resources Ltd. rising 2.87 percent to 38.65 Canadian dollars, and Suncor Energy Inc. gained 1.59 percent to 37.73 Canadian dollars.
The Information Technology Index also helped lift the TSX a 1. 26 percent gain to 40.14 Canadian dollars in the sector. CGI Group Inc. advanced 0.13 percent to 37.93 Canadian dollars; Open Text Corp. boosted 2.28 percent to 60.91 Canadian dollars.
Canadian Pacific Railway Ltd. rose 3.15 percent to 224.99 Canadian dollars; Canadian National Railway added 2.36 percent to 73.60 Canadian dollars. Rising rail stocks helped push the industrials sector by 2.02 percent to 185.11 Canadian dollars.
Meanwhile, metals and mining sectors grew 2.06 percent to 694. 68 Canadian dollars with First Quantum Minerals Ltd. moved up 3.55 percent to 18.37 Canadian dollars.
On the currency front, the Canadian dollar went down Friday to 0.8881 U.S dollar from 0.8890 U.S. dollar Thursday.