TSX Ends At Near 6-Year High As Commodities Rise -- Canadian Commentary

(RTTNews) - Canadian stocks moved up for a seventh straight session to end at a near six-year high on Friday, driven by higher commodity prices with energy and financial shares rising on the back of some fairly upbeat global economic data in the last fortnight.

Energy stocks are up with crude oil futures surging above the $104 a barrel, while financials rebounded following a weak start, moving into positive territory. Nonetheless, miners remained lower amid falling copper prices.

The S&P/TSX Composite Index closed Friday at 14,871.21, up 32.31 points or 0.22 percent. The index scaled an intraday high of 14,896.68 and a low of 14,832.63. The index is at its highest since June 19, 2008.

On Friday, the main Index ended higher following some fairly upbeat U.S. jobs data, somewhat hurt by an increase in Canadian unemployment.

The Energy Index added 0.67 percent, with U.S. crude oil futures for July delivery, the most actively traded contract, surging $1.75 or 1.7 percent to close at $104.41 a barrel Monday on the Nymex.

Among energy stocks, Encana Corp. (ECA.TO) gained 0.39 percent, while Canadian Natural Resources Ltd. (CNQ.TO) gained 0.70 percent. Talisman Energy Inc. (TLM.TO) added 1.64 percent, while Suncor Energy Inc. (SU.TO) gained 1.26 percent.

The Financial Index gained 0.34 percent with Royal Bank of Canada (RY.TO) rising 0.68 percent, Bank of Montreal (BMO.TO) adding 0.13 percent, and the Canadian Imperial Bank of Commerce (CM.TO) down 0.26 percent.

The Capped Healthcare Index dropped 0.68 percent with Catamaran Corp. (CCT.TO) slipping 0.82 percent and Valeant Pharmaceuticals International Inc. (VRX.TO) down 0.88 percent.

The Global Gold Index shed 0.54 percent, although gold futures for August delivery moved up $1.40 or 0.1 percent to close at $1,253.90 an ounce Monday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) shed 1.23 percent, Osisko Mining Corp. (OSK.TO) dipped 0.36 percent, and Barrick Gold Corp. (ABX.TO) down 0.68 percent.

The Capped Materials Index edged down 0.03 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) dipping 0.10 percent.

The Diversified Metals & Mining Index dropped 0.21 percent, with Lundin Mining Corp. (LUN.TO) up 1.23 percent, First Quantum Minerals Ltd. (FM.TO) down 0.28 percent, and Teck Resources Limited (TCK.B.TO) down 0.13 percent.

The Information Technology Index gained 0.59 percent, with BlackBerry Limited (BB.TO) up 2.86 percent, and Celestica Inc. (CLS.TO) up 1.40 percent.

The Capped Industrials Index inching up 0.03 percent, although Bombardier Inc. (BBD.B.TO) dipped 0.79 percent percent and Air Canada (AC.B) dropped 3.72 percent.

In corporate news, the U.S. FDA has approved Valeant Pharmaceuticals (VRX, VRX.TO) New Drug Application or NDA for Jublia, a topical triazole antifungal agent, for treating Onychomycosis, a type of nail infection. Valeant shares are down 0.88 percent.

Shareholders of medical isotope supplier Nordion Inc (NDN.TO) voted on Friday to support a friendly $805 million takeover offer by U.S.-based Sterigenics International. Nordion shares dipped 0.07 percent.

SNC-Lavalin Group (SNC.TO) edged up after its price target was raised by RBC to C$60 from C$57.

Big gainers this morning include Northern Dynasty Minerals (NDM.TO), which jumped 10.76 percent, and Tekmira Pharmaceuticals (TKM.TO), up 5.56 percent.

In economic news, housing starts in Canada rose more than expected in May, even as the starts for April was revised upward. The Canada Mortgage and Housing Corp. said the seasonally-adjusted annualized rate of housing starts improved to 198,324 units in May from an upwardly revised 196,687 units in April. Economists expected housing starts of 185,000 units for May.

Elsewhere, confidence among Japan households improved more-than-expected in May, a monthly survey data from Cabinet Office showed Monday. Japan's consumer confidence index rose to a seasonally adjusted 39.3 in May from 37.0 in April, well above the forecast of 37.6.

U.S. weekly unemployment claims, consumer sentiment and retail-sales results are on tap for later in the week.