(MENAFN- ProactiveInvestors)
Canadian shares advanced for a third day as energy producers stretched a rally with higher oil prices.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) jumped 1.3 percent to 14862.14 at 12:42 p.m. in Toronto. Three stocks advanced for every share that declines as eight of the ten main industries gained.
The energy sector the main index's second most heavily weighted group rose 3.1 percent as oil Canada’s largest export rose. Suncor Energy (TSE:SU) Canada's largest oil sands producer surged 2.2 percent to C$38.73.
() Canada's second-largest integrated oil producer and refiner gained 4.2 percent to $49.24 after reporting better-than-expected results despite lower crude prices and weaker refining margins.
U.S. crude was up $1.50 at $49.74 a barrel after touching an intraday high of $50.56 and slumping to $46.67. Oil fell as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signaled lower production down the line.
The materials sub-index which includes mining shares was up 0.5 percent even as gold prices fell. (TSE:G) Canada’s largest gold miner by market value slipped 0.7 percent to C$30.47 and Barrick Gold (TSE:ABX) the second-largest was up 0.2 percent at C$16.28.
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