TSX climbs to 13-week high

Canada's main stock index climbed to a more than 13-week high on Monday, as the energy sector got a boost from higher oil prices and talks to update the North American Free Trade Agreement entered a crucial week. At 9:42 am ET (1342 GMT), the Toronto Stock Exchange's S&P/TSX Composite Index rose 88.95 points, or 0.57 percent, to 15,818.35.
The price of oil, one of Canada's major exports, rose to their highest levels since late-2014, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Ministers from Canada, the United States and Mexico meet in Washington on Monday to discuss the NAFTA trade deal, and will seek to resolve an impasse in key areas.
Shares of Canadian Natural Resources and Encana Corp were the biggest boosts to the energy sector, which gained 1.5 percent. However, Ensign Energy Services, down 6.2 percent, was the only company in the sector to be lower after the oilfield services provider reported a bigger-than-expected quarterly loss.
Also helping the sentiment was a 0.3 percent gain in the financial sector, which accounts for one-third of the main index's weight. All 10 of Canada's main index sectors were higher.
Among stocks, Crescent Point Energy Corp rose 3.1 percent as its shareholders on Friday voted to elect the Canadian energy producer's full slate of directors after a contentious battle with activist investor Cation Capital. Air Canada on Friday said wind and thunder storm at Toronto-Pearson has affected airport operations and a number of flights have been canceled or diverted. Shares of Canada's largest airline were marginally up.
The TSX posted 12 new 52-week highs and one new low. Across all Canadian issues, there were 25 new 52-week highs and five new lows. The largest percentage gainer on the TSX was Baytex Energy Co, which rose 6.3 percent. Desjardins raised its price target on the company's stock.
The largest decliner on the TSX was Ensign Energy. Among the most active Canadian stocks by volume were LoGiQ Asset Management, Cenovus Energy and Baytex Volume on the TSX index was 29.29 million shares. The total volume on Monday was 55.65 million shares.