Toronto's main stock index shot higher this morning, led up by commodity-based stocks and playing catch-up with strength on world stock markets after Monday's holiday in Canada.

 

Sliding oil and metal prices had little effect on the resource-heavy market and big names in the index's materials and energy sectors advanced strongly.

The energy group rose 2.5 percent, while the materials group gained 2.4 percent. Top heavyweight advancers included oil producers Suncor Energy, up 4.25 percent at C$36.32, and Petro-Canada, up 4.32 percent to C$46.41.

Other strong gainers were fertilizer producer Potash Corp, up 2.6 percent at C$102.97, and oil company Canadian Natural Resources, up 3.7 percent at C$67.14.

Suncor, which completed its C$22.5 billion acquisition of Petro-Canada on Saturday, said on Monday the deal was expected to reduce annual capital expenditures by C$1 billion.

Shares of Suncor jumped nearly 8 percent on Monday in its first day of trading in New York as a new entity after the acquisition of Petro-Canada. Its new TSX-listed shares start trading on Aug. 7.

 

Source: Reuters.com