Canadian stocks jump to year-high as crude rises

Canada's main stock market in Toronto hit its highest level in more than a year on Monday as energy stocks rallied with rising crude oil prices amid a broad-based advance.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 106.85 point, or 0.73 percent, to close at 14,755.62 points. Seven of the TSX index's eight main sub-sectors were higher.

Crude oil prices settled up nearly 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that pressured the market to three-month lows last week.

U.S. Texas light sweet crude settled up 1.22 U.S. dollars, or 2.9 percent, at 43.02 U.S. dollars per barrel. Brent crude rose 1.12, or 2.5 percent, to settle at 45.39 U.S. dollars.

The most influential TSX gainers included its biggest energy companies, with Suncor Energy, advancing 1.74 percent to 35.64 Canadian dollars (27.08 U.S. dollars) and Canadian Natural Resources up 1.35 percent to 41.17 Canadian dollars.

Canada's largest diversified mining company Teck Resources gained 2.58 percent to 21.47 Canadian dollars and First Quantum Minerals added 3.92 percent to 11.92 Canadian dollars.

Whistler Blackcomb Holdings surged 45.70 percent to 36.63 Canadian dollars after U.S. Vail Resorts said it would buy the operator of the Canadian ski resort for about 1.06 billion U.S. dollars.

Located in British Columbia, Whistler Blackcomb is the largest and most visited ski resort in North America, also the site of the 2010 Winter Olympics. Colorado's Vail is the most visited ski resort in the United States.

On the economic scene, Statistics Canada reported that municipalities issued building permits worth 6.4 billion Canadian dollars in June, down 5.5 percent from the previous month. Lower construction intentions for multi-family dwellings and institutional buildings were mostly responsible for the decline.

The Canadian dollar traded higher at 0.7597 U.S. dollar, compared with Friday's closing rate of 0.7596 U.S. dollar.

Source : XINHUA