Canada shares hit 8-week win streak for first time in 12 years

Bombardier stock at highest level since January 2015

TORONTO (Reuters) – Canada’s main stock index squeezed out a marginal gain on Friday and notched its eighth-straight week of gains for the first time in nearly 12 years, as an energy rally offset losses in the materials group.

Oil and gas companies climbed 1.3%, as US crude touched a twoyear high after rig data supported market sentiment that a global supply glut was tapering.

Canadian Natural Resources had the biggest impact on the index, rising 1.6% to C$46.01, while Pembina Pipeline Corp. gained 3.3% to C$44.40. Parkland Fuel Co. rallied 4.9% to C$26.59 after reporting third quarter results.

“Oil was up a couple of percent, so you’re getting a nice bump from most of the energy stocks,” said Bryden Teich, portfolio manager at Avenue Investment Management, but he noted that some of the economic data in Canada have stalled.

“You’ve had a mix of things, but the underlying story is still that corporate profits are set to have a pretty strong year in Canada.”

The Toronto Stock Exchange’s S&P/TSX composite index staged a rebound and finished up 5.17 points, or 0.03%, to 16,020.16. The index gained 0.35% on the week, its eighth consecutive win streak – a feat not seen since the end of 2005.

The TSX has jumped nearly 7% since beginning its upward march in early September.

Half of the primary sectors finished on higher ground.

Bombardier Inc. shares hit a near three-year high, climbing 6.1% to end at C$3.13, after several analysts raised their target prices. Shares touched as high as C$3.14, its best level since January 2015.

The overall industrials sector fell 0.2%, however, as rail stocks slipped.

The materials group, home to mining firms, lost 0.7% as the price of gold hit a one-week low on US economic data. Franco Nevada Corp. declined 1.3% to C$101.59, while Barrick Gold Corp. was down 1.1% at C$17.89. Western Forest Products Inc. slumped 3.4% to C$2.60 after reporting a weaker-than-expected quarter.

The financials group was unchanged, while Fairfax Financial Holdings Ltd. fell 3.1% to C$674.74 after third quarter profit fell short of analysts’ forecasts.

Genworth MI Canada Inc.’s 6.1% rise to C$42.96, after reporting a better-than-expected quarter, offset some of the decline.

On the domestic data front, the Canadian economy added more jobs than expected in October as wages posted their biggest gain in 18 months.

The Bank of Israel on Friday set its representative rate for the Canadian dollar at NIS 2.7385.