Toronto’s main stock index rises on energy sector strength; U.S markets mixed

FILE: Canada’s main stock index rose Thursday on the strength of the energy sector, while U.S. markets were mixed. (Photo Pixabay)

Canada’s main stock index rose Thursday on the strength of the energy sector, while U.S. markets were mixed.

The Toronto Stock Exchange’s S&P/TSX composite index gained 34.97 points to 16,455.73.

“It’s really driven by results coming out of … the energy space,” said Anish Chopra, managing director with Portfolio Management Corp. in Toronto.

Energy companies, like Suncor Energy Inc., are receiving a strong reaction from investors as a result of rising oil prices, he said. The September crude contract rose 31 cents to US$69.61 per barrel.

Suncor shares jumped 2.32 per cent or $1.23 to $54.34, and overall, shares in the energy sector were the best performing of the day, gaining on average 0.82 per cent of their worth.

“Certainly the energy sector’s one of the strongest sectors today,” Chopra said.

In New York, markets were mixed. The Dow Jones industrial average advanced 112.97 points to 25,527.07. The S&P 500 index shed 8.63 points to 2,837.44 and the Nasdaq composite index fell 80.06 points to 7,852.18.

The Nasdaq’s drop came from a double-digit fall in the shares of social network company Facebook Inc. Facebook’s shares plummeted 18.96 per cent or US$41.24 to US$176.26.

“Facebook really reported some disappointing news,” said Chopra.

The company said its user base and revenue grew slower than expected during its second quarter. The company also said it expects slower revenue growth ahead.

The Canadian dollar averaged 76.54 cents US, up 0.13 of a U.S. cent.

Elsewhere in commodities, the September natural gas contract advanced a penny to US$2.76 per mmBTU. The August gold contract fell US$6.10 to US$1,225.70 an ounce and the September copper contract was unchanged at US$2.82 a pound.