Canadian stocks inch up as crude rebounds

Toronto, April 27 (IANS) Canada’s main stock market in Toronto ended higher as higher oil prices supported energy concerns, offsetting deep losses for one of the country’s major railway stocks.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index gained 13.45 points, or 0.10 percent, to close at 13,809.44 points on Tuesday, Xinhua news agency reported.

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

Crude oil prices increased on Tuesday as declining dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The most influential movers on the TSX index included Canadian Natural Resources, which rose 1 percent to 38.55 Canadian dollars ($30.54), and Encana Corporation, which advanced 6.87 percent to 9.65 Canadian dollars per share.

The shares of Teck Resources rose 4.82 percent to 13.69 Canadian dollars. The miner reported a surprise quarterly profit as cost-cutting measures and a weak Canadian dollar helped cushion the impact of lower coal and copper prices.

Bombardier boosted 10.56 percent to 1.99 Canadian dollars. The aircraft maker said a unit of Nova Scotia-based Chorus Aviation Inc had signed an agreement to buy five CRJ900 aircraft with an option to buy an additional five.

The Canadian dollar traded higher at $0.7923, compared with Monday’s closing rate of $0.7883.



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