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CANADA STOCKS-TSX gains on resource rebound; posts small weekly loss
July 29, 2016 / 9:13 PM / a year ago

CANADA STOCKS-TSX gains on resource rebound; posts small weekly loss

(Adds portfolio manager comment, updates prices to close)

* TSX settles up 30.02 points, or 0.21 percent, at 14,582.74

* Six of TSX’s 10 main groups fall

* Index slips 0.1 pct on week; breaks 4-week rising streak

By Alastair Sharp

TORONTO, July 29 (Reuters) - Canada’s main stock index rose on Friday, as its large energy sector recouped some losses from earlier in the week with oil prices steadying, and miners gained with gold trading at a three-week high.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 30.02 points, or 0.21 percent, at 14,582.74.

It slipped 0.1 percent on the week, after four straight weeks of gains.

The energy group rose 0.7 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, gained 1 percent as gold prices rose on weak U.S. economic growth.

Barrick Gold Corp added 1.7 percent to C$28.51 and Detour Gold Corp jumped 7.3 percent to C$34.14.

Pipeline operator Enbridge jumped 4.5 percent to C$53.71 and Canadian Natural Resources Ltd rose 0.8 percent to C$39.54.

Economic data and energy earnings out on Friday highlighted the damage done by a massive wildfire that hit Canadian oil sands production starting in May, and while crude steadied on the day, it finished the month nearly 15 percent lower.

Diana Avigdor, a portfolio manager and head of trading at Barometer Capital Management, said she had cut exposure to energy stocks and the Canadian market in recent weeks.

She said she would wait to see if higher oil prices, which she expects to trade between $25 and $75 a barrel over the next three to five years, can boost the index from here.

“In Canada it is really going to depend on the price of oil,” she said. “When oil rallied to $50 we saw how quickly supply came back, and that’s why we see it back at $40 now.”

Shares in Air Canada fell 4.8 percent to C$8.99 after the country’s largest airline posted second-quarter results that raised concerns about downward pressure on fares.

Six of the index’s 10 main groups ended in negative territory, although advancers outnumbered decliners by a 1.5-to-1 ratio. (Reporting by Alastair Sharp; Editing by Jeffrey Hodgson)

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