SAN FRANCISCO (MarketWatch) - Canadian stocks continued on an uptrend Monday, with energy shares leading the way in line with higher crude oil futures prices.
The benchmark S&P/TSX Composite Index was up 307.56 points, or 3.2%, at 9,870.05.
Last Friday, the index closed with gains for both the session and the week, also led by strength in energy shares. See full story.
The index remains down more than 28% for the year.
On the Toronto Stock Exchange Monday, advancers led decliners 911 to 291.
Nine of the TSX's 10 component sector gauges were higher, led by energy, which was up 6.3%.
Oilexco Inc. was up 11.2%. Canadian Natural Resources added 6.2%.
Crude-oil futures rose 3% Monday, rallying for a second straight session after the chief of the Organization of Petroleum Exporting Countries said the cartel should cut production quotas at Friday's meeting. See Futures Movers.
The materials sector, which had sold off in recent sessions as gold futures prices weakened, came roaring back to life Monday, up 3.5%. The gold sub-index was up 3.3%.
Barrick Gold Corp. gained 4%, Yamana Gold Inc. rose 6.1% and Goldcorp Inc. added 6%.
Gold futures rose early Monday, bouncing back from what's been a seven-session swoon, as oil prices rose and signs of stability in the financial system seemed to halt heavy selling of assets by funds strapped for cash. See Metals Stocks.
The only declining sector component was information technology, which slipped 0.8%.
BlackBerry maker Research In Motion , which has a weighting equal to about three-quarters of the TSX's technology component, was down 9.4%.
Transportation giant Bombardier , the most actively traded issue in volume terms so far Monday, was up 5.7%.
Canadian sentiment was also lifted by gains south of the border. On Wall Street, the Dow industrials shot higher, also led by energy shares, as U.S. Federal Reserve Chairman Ben Bernanke backed more fiscal stimulus. See U.S. Market Snapshot.
In currency trading, the Canadian dollar was at $C1.1939 against its U.S. counterpart, which was up 1.2%.
