SAN FRANCISCO (MarketWatch) � Canadian stocks rose Friday, with a weak U.S. dollar prompting a rebound in gold and oil prices and gains in commodity-related shares.
Click to Play U.S. week aheadConsumer confidence report tops agenda as first-quarter earnings season approaches, reports MarketWatch�s Laura Mandaro.. AP Photo
The S&P/TSX Composite Index CA:GSPTSE �rose 103.85 points, or 0.8%, to 12,465.66, wiping out the previous session�s decline of 0.6%.
The S&P/TSX Capped Materials Index XX:TTMT �led the market on Friday as it advanced 1.6%, and the S&P/TSX Capped Diversified Metals & Mining Index XX:TTMN rose 0.8%. The S&P/TSX Capped Energy Index XX:TTEN �climbed 0.9%.
Gold for April delivery �closed up $19.90, or 1.2%, to settle at $1,662.40 an ounce on the Comex division of the New York Mercantile Exchange. Read more on gold
Crude oil for May delivery �gained $1.52, or 1.4%, to close at $106.87 a barrel, nearly erasing a loss of 1.8% in the previous session. Read oil market report
Shares of Yamana Gold Inc. CA:YRI �climbed 3.7%, Goldcorp Inc. CA:G rose 2% and Barrick Gold Corp. CA:ABX �advanced 1.7%.
Earlier Friday, Statistics Canada said consumer prices increased 2.6% in February after 2.5% growth in January while the Bank of Canada�s core index rose 2.3% last month, following 2.1% rise in January.
�Considering the increasing slack in labor markets and moderate labor costs, however, we do not think that this uptick in core inflation points to higher interest rates at all,� said economists at Capital Economics in a report. �If we are correct about weaker housing activity ahead, then in a year from now we think interest rates will be lower,� they said.
In currencies, the Canadian dollar USDCAD �turned modestly higher against the U.S. dollar, with the greenback buying 99.89 Canadian cents compared with 99.91 cents late Thursday.
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