Canadian stocks finished the week higher as rising gold and crude oil prices propped up shares of energy companies and gold miners but kept most other sectors in the red for the session.
The S&P/TSX Composite Index closed at 14,252.77, up 38.05 points for its third daily advance in a row. Overall, the market gauge gained exactly 200 points this week, or 1.4% from a 14,052 close last Friday.
Other than the gains for resource stocks, technology companies took some of the hardest hits on Friday, with the sector sliding just over 1%. Utility companies also were lower, possibly on fears they may not be able to pass on all of their rising energy costs.
Inmet Mining Corp (IMN.TO) was among the biggest losers for the session, falling 7.4% after Panama legislators adopted new rules that may work to bar foreign investment in the Central American country. Inmet currently is working to develop the Cobre Panama copper deposit in Panama.
To the upside, Canadian Oil Sands Ltd. (COS.TO) surged 3.4% as crude oil topped $104 a barrel, stoked by the ongoing conflict in Libya.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
