RTTNews - Bay Street stocks finished a choppy session modestly higher on Friday amid strength in the mining and energy sectors. Toronto's main index finished higher for the fourth time in five weeks.
The S&P/TSX Composite Index added 43.83 points or 0.44% to finished at 9,993.42. Trading is expected to be light on Monday with U.S. markets closed for Memorial Day.
Bay Street's main index rallied about 230 points for the week, which was shortened by Victoria Day on Monday. The index hit a multi-month high of 10,365.39 on Wednesday.
Mining stocks jumped 2.45% on Friday as copper strengthened on the Comex. Teck Cominco (TCK.B.TO) added 4.8%, First Quantum (FM.TO) gained 3.3%, HudBay (HBM.TO) rose 3.1% and Inmet (IMN.TO) increased 2.3%.
In corporate news, Grandview Gold (GVX.TO) fell 12.5% after the company said it will not continue exploration of its Pony Creek/Elliott Dome Property in Nevada.
Energy stocks added 1.1% as crude oil finished a choppy session up 62 cents per barrel. Suncor (SU.TO) added 2.2%, Canadian Oil Sands (COS.UN.TO) rose 1.5% and Canadian Natural Resources (CNQ.TO) gained 1.1%.
In corporate news, Computer Modelling Group (CMG.TO) rallied 14.5% after the company reported fourth quarter net earnings of C$6.1 million or C$0.35 per share, up from C$3.0 million or C$0.18 per share for the comparable period last year.
Across the border, the Washington Post reported troubled automaker General Motors (GM) may be sent into bankruptcy protection by the U.S. government as early as the end of next week.
The Globe and Mail reported General Motors of Canada has reached a tentative cost-cutting agreement with the Canadian Auto Workers union, which could pave the way for Canada to join the U.S. government in a bailout.
In economic news, Statistics Canada reported retail sales increased for the third consecutive month in March, rising 0.3% in current dollars to $33.9 billion. In volume terms, retail sales rose 0.7% in the month.
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