TSX extends gains for fourth session Scotiabank inches down

(MENAFN- ProactiveInvestors) Canadian shares advanced for a fourth session on Friday a day after a surge in oil prices helped the market recover from the week’s losses.

The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.5% to 13825.54 at 12:10 p.m. in Toronto. Three shares advanced for every issue that declined. Five out of ten share groups were in the positive territory.

The energy sector the main index's second most heavily weighted group rose 3.6% as oil Canada’s largest export climbed on Friday.

Suncor Energy (TSE:SU) Canada's largest oil sands producer rose 2% to C$37.16. Enbridge (TSE:ENB) Canada's largest pipeline company gained 1.4% to C$53.77.

West Texas Intermediate crude for October delivery tacked on almost 5% to $44.58 a barrel on the New York Mercantile Exchange—on pace for a more than 10% weekly climb. 

The materials sub-index which includes mining shares advanced 1.3% as gold edged up. Goldcorp (TSE:G) Canada’s largest gold miner by market value skidded 0.3% to C$18.03. Barrick Gold (TSE:ABX) Canada’s second-largest gold miner added 2.1% to C$9.24.

First Quantum Minerals (TSE:FM) gained 1.6% to $6.98. The copper miner launched production at its $2.1 billion copper Sentinel mine which has been under construction since June 2012.

U.S. gold for December delivery firmed 0.3 percent to $1125.70 an ounce.

Financials the index's most heavily weighted sector slid 0.4%. Bank of Nova Scotia (TSE:BNS) skidded 0.7% to C$59.59. Canada's third-largest bank posted a third-quarter profit that topped market expectations helped by growth in its international retail banking segment. 

Royal Bank of Canada (TSE:RY) which has the heaviest weighting in the index lost 1% to C$73.27.

Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value inched down 0.1% to C$52.57.

Canada's Brookfield Asset Management (TSE:BAM.A) fluctuated and was last trading at C$42.07 down 0.4%. The alternative asset manager made its first significant investment in Indian infrastructure buying six road and three power projects from India's Gammon Infrastructure Projects Limited.

In economic news Canada’s federal government reported a budget surplus of C$1.1 billion in June and said it is on track to meet a surplus for the full fiscal year. 

Elsewhere Canadian producer prices unexpectedly rose 0.7 percent in July the third consecutive monthly gain on higher prices for motorized vehicles and aircraft Statistics Canada data indicated on Friday.

In the U.S. the Dow was struggling to find direction in late-morning trade Friday as Federal Reserve Vice Chairman Stanley Fischer on CNBC said the economy is “working pretty well” and indicated that the central bank is moving toward raising rates.