Toronto stocks rose on Friday, snapping a five-session losing skid, as bargain-hunters snapped up financial shares, while energy issues extended their climb as oil prices stayed close to the $40 mark.
The Toronto Stock Exchange S&P/TSX composite index rose 52.80 points, or 0.63 percent, to close at 8,473.18. For the week, the index dipped 0.17 percent.
"Finally the market is coming back a bit, but nothing moves in a straight line so this is really just a bounce and nothing significant," said Sal Masionis, stockbroker with Brant Securities Ltd. "I think people just got tired of selling."
Energy stocks rose 0.93 percent to lead all sectors, while the heavyweight financial index chipped in with a 0.67 percent gain. Eight of the TSX's 10 subindexes finished higher.
After falling to their lowest close in nearly two months, financial stocks started looking like bargains.
Toronto-Dominion Bank rose 62 Canadian cents, or 1.4 percent, to C$43.64, while Royal Bank of Canada finished 44 Canadian cents, or 0.7 percent, higher at C$59.50.
Data that showed surprisingly strong demand for oil in the United States kept energy stocks in favour following a series of supply outages in Norway, Nigeria and Iraq.
Suncor Energy closed 78 Canadian cents, or 2.3 percent, higher at C$34.82, while EnCana rose 85 Canadian cents, or 1.5 percent, to C$58.60.
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