Advertisement

TSX up on commodity boost but eyes fourth straight weekly loss

FILE PHOTO: A man walks past an old Toronto Stock Exchange sign in Toronto

By Johann M Cherian and Vansh Agarwal

(Reuters) - Canada's main stock index rose on Friday, supported by a rebound in commodity-linked stocks, but is on track to post its longest weekly losing streak in over a year.

At 10:13 a.m. ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 77.23 points, or 0.38%, at 20,374.32.

The energy sector added 0.9%, as oil prices rose on signs that a deal on raising the U.S. debt ceiling could be reached as early as Sunday. [O/R]

The materials sector climbed 0.2%, tracking higher bullion prices. [GOL/]

Canadian stocks have traded in tight ranges since late April as investors digested a mixed bag of corporate earnings, uncertainty over the U.S. debt deal and hotter-than-expected domestic April inflation data.

"It's been a miserable week for the TSX and it is unable to keep up with its counterparts south of the border, given its significant weights in cyclical stocks like banks and commodity-related sectors," said Brandon Michael, senior analyst at ABC Funds, in Toronto.

The TSX is on track to post its fourth straight weekly decline.

In contrast, the U.S. S&P 500 is up 2% for the week.

Among company news, Absolute Software Corp added 1.4%, after Edenbrook Capital, which owns 10.4% of the firm, said Crosspoint Capital Partners' deal to take the software company private undervalues it.

Cineplex Inc slid 0.5%, after Canada's Competition Bureau filed a lawsuit saying it broke the law by adding an additional fee that raises the price of its tickets purchased online.

WestJet and a pilots union reached a tentative agreement, averting a strike set to begin as early as Friday. But Onex Corp, which owns the airline, shed 0.4%.

Meanwhile, a StatsCan report showed March retail sales fell as expected on lower sales at motor vehicles and parts dealers, and gasoline stations.

(Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Shilpi Majumdar)