TSX rises as energy shares bounce; grocers slide
By Fergal Smith
TORONTO (Reuters) - Canada's benchmark stock index rose on Friday as energy shares rebounded with oil prices, offsetting losses for consumer staple companies on news that internet retailer Amazon.com Inc was buying Whole Foods Market Inc.
The energy group, which hit its lowest level in 13 months on Thursday, rebounded 0.9 percent, led by Enbridge Inc, which rose 2.3 percent to C$51.44.
U.S. crude prices settled 28 cents higher at $44.74 a barrel as some producers reduced exports and U.S. rig additions slowed. [O/R]
The Toronto Stock Exchange's S&P/TSX composite index closed up 32.12 points, or 0.21 percent, at 15,192.54, after four straight days of losses and a day after hitting a six-month low.
Six of the index's 10 main groups ended higher. The heavyweight financials group gained 0.2 percent and industrials rose 0.4 percent.
Still, the index closed below its 200-day moving average for a third straight day. For the week, it fell 1.8 percent.
"We believe that the correction has been in progress for four weeks," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets.
Recent weakening in oil and gold prices has weighed on the index, which is very "resource-orientated" and could fall another 4 percent before finding a floor, Mokhtari said. Continued...