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TSX ends day, week higher as investors cheer central bank moves

Reuters
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

By John Tilak

TORONTO (Reuters) - Canada's main stock index edged higher on Friday and recorded a sharp weekly gain as investors welcomed moves by the Bank of Canada and the European Central Bank earlier this week.

The Canadian central bank unexpectedly cut interest rates on Wednesday, while the ECB announced a massive stimulus plan on Thursday to try to boost a sagging euro zone economy.

The benchmark TSX extended gains after jumping during the previous two sessions. It rose 3.3 percent this week, its strongest in six.

“It’s in general been very good for the markets,” said Roland Chalupka, chief investment officer of Fiduciary Trust Canada, a unit of Franklin Templeton Investments.

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“It is causing investors to take (another) look at the commodity- sensitive sectors and take some of the dire predictions out of the mix.”

“Longer-term, it remains to be seen whether quantitative easing is effective in the European case and if it does actually promote global growth,” he added.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed up 15.37 points, or 0.1 percent, at 14,779.35. Six of the 10 main sectors on the index were higher.

Financials, the index's most heavily weighted sector, climbed 0.8 percent. Royal Bank of Canada (Toronto:RY.TO - News) gained 1 percent to C$75.42, and Toronto Dominion Bank (Toronto:TD.TO - News) added 1.1 percent to C$52.42.

Shares of energy producers rose 1.3 percent, reflecting strength in the price of Brent crude. Canadian Natural Resources Ltd (Toronto:CNQ.TO - News) advanced 0.4 percent to C$36.36, and Crescent Point Energy (Toronto:CPG.TO - News) jumped 4.7 percent to C$30.46.

The gold-mining sector gave back 2.7 percent, with a higher U.S. dollar hitting the bullion price. Barrick Gold Corp (Toronto:ABX.TO - News) lost 2.8 percent to C$15.43.

(Editing by Bernadette Baum and Christian Plumb)