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Canadian stock market higher on rising energy shares

English.news.cn   2013-02-02 09:23:21            

TORONTO, Feb. 1 (Xinhua) -- The Canadian stock market closed higher Friday as energy shares rose amid rising oil prices after positive U.S. and Canadian economic data.

The S&P/TSX Composite Index gained 83.59 points, or 0.66 percent, to 12,768.83, while the S&P/TSX Venture Composite Index increased 6.95 points, or 0.57 percent, to 1,228.66.

The U.S. Labor Department's payroll report showed that the economy added 157,000 jobs in January. Meanwhile, the number of jobs created in the previous two months were revised upward, indicating that the world's largest economy's recovery was on track.

U.S. stock markets were boosted by the strong job data, with the Dow Jones industrial average closing above 14,000 for the first time since October 2007.

The Canadian stock market was also buoyed by signs that the domestic economic outlook is improving. The country's gross domestic product increased by 0.3 percent in November, an uptick from the 0.1-percent gain in the previous month.

The energy sector rose 0.9 percent, tracking higher oil prices. Suncor Energy, Canada's largest energy company, gained 1.5 percent to 34.42 Canadian dollars (34.52 U.S. dollars) and played a key role in pushing the market higher.

Elsewhere in the sector, Imperial Oil shares gained 0.25 percent to 43.91 Canadian dollars (44.04 U.S. dollars) after the company reported a 7-percent rise in its fourth-quarter profit. Canadian Natural Resources rose 0.5 percent to 30.27 Canadian dollars (30.36 U.S. dollars) per share.

The metals and mining sector finished 1.25 percent higher. Diversified miner Teck Resources was one of the sector's influential gainers, rising 1.27 percent to 38.4 Canadian dollars (38.51 U.S. dollars) per share.

At closing, the Canadian dollar strengthened to 1.0034 U.S. dollars at 5 p.m. local time (2200 GMT), compared with 1.0030 U.S. dollars Thursday.

Editor: Lu Hui
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