Energy Strength Fuels Gains On Bay Street - Canadian Commentary

(RTTNews) - The Canadian stock market ended the first session of the new trading week with a modest gain. The strong performance of the energy sector was largely responsible for the gains Monday. Crude oil prices broke out to $53 a barrel Monday, which helped fuel the gains in the sector. Healthcare and industrial stocks are also provided some support.

The benchmark S&P/TSX Composite Index finished higher by 63.66 points or 0.41 percent at 15,730.79. The index scaled an intraday high of 15,757.78 and a low of 15,642.81.

On Friday, the index closed down 30.05 points or 0.19 percent, at 15,667.13.

The Energy Index finished with a gain of 1.60 percent, while the Capped Healthcare Index climbed 1.24 percent. The Capped Industrials Index also closed up by 0.78 percent.

The heavyweight Financial Index was one of the few laggards during the session, decreasing 0.09 percent. The Capped Information Technology Index also slipped 0.02 percent.

SNC-Lavalin Group (SNC.TO) rose 0.52 percent and finished at $54.48. The company has been awarded a 6-year inspection services contract by a partnership of Hibernia Management & Development Company Ltd. and ExxonMobil Canada Properties.

Centamin (CEE.TO) dropped 1.99 and closed at $2.96 percent after it reported a 20 percent decrease in first quarter gold production.

On the economic front, Canada Mortgage and Housing reported this morning that Canadian housing starts increased to 253,720 units in March. Economists had been expecting housing starts to rise to only 215,000.