(MENAFN- ProactiveInvestors)Canadian shares advanced as investors cheered China's central bank cutting interest rates again. The benchmark Standard & Poor's/TSX Composite Index (TSE:OSPTX) rose 0.5% to 13939.58 at 12:14 p.m. in New York. Six out of the 10 share groups advanced. The materials sub-index which includes mining shares gained 1.8% even as gold fell on Friday. Goldcorp (TSE:G) Canada's largest gold miner by market value rose 1.6% to C$20.22. Barrick Gold (TSE:ABX) Canada's second-largest gold miner slid less than 0.1% to C$9.96. Spot gold slid 0.3% to $1162.35 an ounce. The financials group which accounts for approximately 36% of the main measure more than any other group rose 0.8%. Royal Bank of Canada (TSE:RY) which has the heaviest weighting in the index edged up 0.7% to C$74.94. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value inched up 0.3% to C$41.38. The energy sector the main index's second most heavily weighted group fell 1.2% as oil Canada's largest export fell sharply on Friday. Suncor Energy (TSE:SU) Canada's biggest energy company slumped 2.2% to C$37.27. Canadian Natural Resources (TSE:CNQ) the country's largest heavy-oil producer decreased 1.1% to C$30.83. The benchmark U.S. crude contract was down 2.1% at $44.44 a barrel on the New York Mercantile Exchange. In economic news Canada's annual inflation rate retreated to 1.0% in September on lower prices for gasoline marking the 10th straight month it has been below the Bank of Canada's 2.0% target Statistics Canada said on Friday. In the U.S. market all three major U.S. indexes advanced to two-month highs on Friday after a surprise rate cut in China amplified a rally driven by strong results from Microsoft Alphabet and Amazon.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.