Canadian stocks hit nine-month high

Toronto, June 7 (IANS) Canada’s main stock market in Toronto rose to a nine-month high as commodity price gains helped boost the index’s heavyweight energy sector and base metal miners, although gold miners pulled back after last week’s rally.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index gained 49.38 point, or 0.35 percent, to close at 14,276.16 points on Monday, Xinhua news agency reported.

Six of the TSX index’s eight main sub-sectors were higher.

Brent and WTI pared some gains as the US dollar popped up briefly after US Fed Chair Janet Yellen said she still expects gradual interest increases this year despite disappointing US jobs growth in May.

TSX energy and mining sectors were driven higher 1.83 percent and 5.84 percent respectively.

The most influential gainers included Baytex Energy Corp., which rose 10.87 percent 7.24 Canadian dollars ($5.65), and Penn West Petroleum Ltd., up 12.77 percent at 1.06 Canadian dollars.

First Quantum Minerals Ltd. jumped 9.95 percent to 10.06 Canadian dollars, on completing the sale of a nickel, copper and platinum mine in Finland and refinanced a credit facility.

The Canadian dollar traded higher at $0.7808, compared with Friday’s closing rate of $0.7726.

–IANS

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