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TSX stretches rally for 4th day; Teck surges, Bombardier plunges

Last updated: 12:50 07 Oct 2015 EDT, First published: 11:50 07 Oct 2015 EDT

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Canadian shares rise for the fourth straight session on Wednesday.

Canadian shares rose for a fourth session in a row as higher crude prices helped stoke energy producers.

The resource-heavy benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.7% to 13,741.58 at 11:20 a.m. in Toronto. Nearly four shares advanced for every issue that declined as eight out of ten share groups were in positive territory.

The energy sector, the main index's second most heavily weighted group, was the biggest gainer with a 2.3% advance as U.S. oil prices pared gains but continued to trade higher.

Suncor Energy (TSE:SU), Canada's largest oil sands producer, added 1.2% to C$35.30. Canadian Natural Resources Limited (TSE:CNQ), Canada’s second-largest energy producer, inched up 2.3% to C$30.23.

Light, sweet crude for November delivery recently rose 0.5% to $48.77 a barrel on the New York Mercantile Exchange, after briefly turning negative following the EIA data release. 

The materials sub-index, which includes mining shares, gained 1.6% even as gold slid lower under pressure from a firmer dollar.

Teck Resources (TSE:TCK.B) surged 21% to $8.72 after Canada’s largest diversified miner sold future silver output from a mine in Peru to Franco-Nevada  for an upfront payment of $610mln.

Goldcorp (TSE:G), Canada’s largest gold miner by market value, edged up 0.3% to C$17.95. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, retreated 1.4% to C$9.38.

Spot gold fell 0.3 percent to $1,142.90 an ounce by 1419 GMT, after earlier touching $1,152.90, its highest level since Sept. 24.

Financials, the index's most heavily weighted sector, gained 1%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.5% to C$73.57.

Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, jumped 1.2% to C$53.40.

Bombardier (TSE:BBD.B) plunged 15% after the planemaker and Airbus Group SE abandoned talks on a potential business collaboration. 

In economic news, Statistics Canada data indicated on Wednesday that the value of Canadian building permits issued in August unexpectedly fell by 3.7% from July on a decline in construction intentions in several provinces, 

 

 

 

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