Triple-digit gain for Toronto market

Canada’s main stock index posted a triple-digit gain Tuesday ahead of the start of quarterly corporate reporting by the country’s oilpatch.

Suncor Energy Inc. was to be the first major Canadian oil company to report this quarter, after markets closed Tuesday. The results come a day after British Petroleum crushed expectations in its fourth-quarter results, says Brian See, vice president at CIBC Asset Management.

“It’s almost like a forecast of what to expect from Canadian producers this upcoming season,” he said in an interview.

Canadian earnings season is beginning as about half of S&P 500 companies have reported with most topping analyst expectations but not at the pace of a year ago when they got a boost from lower U.S. federal taxes.

“They’re still positive but they’re definitely slowing down,” he said.

The S&P/TSX composite index closed up 100.37 points to 15,702.69.

The consumer staples sector rose about two per cent as Alimentation Couche Tard Inc. led the index. It was followed by industrials. Health care was the lone sector to lose ground, falling 1.2 per cent as cannabis stocks dipped a day after posting strong gains.

The influential energy sector was essentially flat despite another dip in crude oil prices.

The March crude contract was down 90 cents at US$53.66 per barrel and the March natural gas contract was up 0.2 of a cent at US$2.66 per mmBTU.