(Adds portfolio manager quotes and details on U.S. stock market
performance and updates prices)
* TSX closes up 155.73 points, or 1.07 percent, at 14,752.25
* Nine of the TSX's 10 main groups end higher
By Fergal Smith
TORONTO, Oct 18 Canada's main stock index rose
to a more than 2-week high on Tuesday as rising oil and gold
prices supported resource stocks, while shares of financial
companies also climbed in a broad-based rally.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 3.3 percent, while the
energy group was up 0.9 percent.
"It's largely been driven by oil and gold, but that's sort
of the way its been over the last couple of months," said John
Stephenson, president & CEO at Stephenson & Company Capital
Spot gold rose 0.5 percent, while U.S. crude oil
futures settled 35 cents higher at $50.29 a barrel as
expectations of OPEC output curbs lifted prices.
Teck Resources jumped 6 percent to C$27.10,
touching its highest since February 2014, after several banks
upped their price targets and outlooks for the stock on Monday.
The most influential gainers on the index also included
Barrick Gold Corp, up 2.9 percent to C$21.47, and
pipeline company TransCanada Corp, which advanced 1.5
percent to C$62.08.
Gains on Wall Street added to the positive backdrop for
Canada's market as a host of solid U.S. earnings reports put
corporate profits on track to snap a four-quarter streak of
"I think people are quite nervous about the earnings season
in general, but so far so good," Stephenson said.
The heavyweight financials group gained 0.9 percent and
industrials rose 0.8 percent.
The Toronto Stock Exchange's S&P/TSX composite index
closed up 155.73 points, or 1.07 percent, at
Nine of the index's 10 main groups were in positive
territory, with only consumer discretionary stocks lagging.
Stocks can continue to gain ground, but reduced global
growth amid more trade protectionism, aging demographics and
lower Chinese growth will restrain gains, said Stephenson.
Amaya Inc fell more than 8 percent to C$18.65 after
the online gambling company said it had abandoned merger talks
with Britain's William Hill.
Canadian manufacturing sales in August jumped much more than
expected on widespread strength, reinforcing expectations that
broad economic growth rebounded in the third quarter.
OceanaGold Corp's Toronto-listed stock advanced 6.1
percent to C$4.01 after the Australian miner provided an update
on its Philippines operations.
(Additional reporting by Alastair Sharp; Editing by Will Dunham
and Sandra Maler)