Canadian stock market edges up as financials gains offset resources slump

Canada's main stock market in Toronto Monday drifted higher as gains in financial shares boosted the trading sentiment, offsetting losses in resources shares.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index added 27.70 points, or 0.18 percent, to 15,367.47 points.

Financials and info tech led the gainers by adding 0.5 percent and 0.52 percent, respectively, after the insurance provider Manulife Financial Corp. surged 1.31 percent to 22.39 Canadian dollars (about 18.52 U.S. dollars), and Constellation Software Inc. increased 2.78 percent to 482.73 Canadian dollars per share.

Health care added 0.47 percent when Concordia Healthcare Corp. was up 3.22 percent to 90.10 Canadian dollars.

Energy and miners sectors were down 0.15 percent and 0.46 percent, respectively, on falling oil prices. Canada's biggest oil and gas company Suncor Energy Inc. shed 0.1 percent to 39.09 Canadian dollars, and First Quantum Minerals Ltd. plunged 3.53 percent to 18.83 Canadian dollars apiece.

Investors still sifted through the negative impact of the sluggish oil prices on the Canadian economy.

According to a report released by Bank of Montreal Monday, the Canadian economy is grappling with the free fall in oil prices, and the net impact will lead to a downshift in overall growth in 2015.

Meanwhile, TD Asset Management Inc. said on Friday that the bull market in stocks is nearing an end. Meanwhile, Bruce Cooper, chief investment officer at the investing arm of Toronto-Dominion Bank, said the firm pulled back on its six-year preference for stocks and is buying fixed-income products across its portfolio.

On the currency front, the Canadian dollar Monday climbed to 0. 8270 U.S. dollar, compared with 0.8226 U.S. dollar on last Friday.