TSX up amid higher expectations in energy sector
The Toronto stock market closed higher as a strong earnings report from oilsands giant Suncor Energy raised expectations for other energy companies reporting this week.
The S&P/TSX composite index climbed 52.2 points to 14,583.11. The Canadian dollar was up 0.62 of a cent to 91.32 cents US.
A better than expected earnings season pushed New York's Dow Jones industrials up 86.63 points to 16,535.37. The Nasdaq gained 29.14 points to 4,103.54 and the S&P 500 index climbed 8.9 points to 1,878.33.
Suncor posted operating earnings of $1.79 billion, or $1.22 per share, widely beating the average analyst expectation of 93 cents and its shares were up 3.05 per cent to $42.60.
Traders will be taking in earnings from other heavy hitters in the sector this week, including Cenovus, Imperial Oil and Canadian Natural Resources amid a sharp change in fortunes for these companies.
One of the improvements centres on a big narrowing in the price between oilsands crude, known as Western Canadian Select, and West Texas Intermediate, a lighter crude used as the U.S. benchmark. A weakening Canadian dollar has also helped earnings.