Canadian stocks climbed Friday, boosted by a surge in mining and energy shares on investor optimism that the global economy is on the mend.
The S&P/TSX Composite Index (CA:ISPTX: news , chart , profile ) rose 1.8% to 9,496.96. The benchmark finished the month of April up 7% on Thursday.
But on a weekly basis, the benchmark shed 0.5%.
In Friday's trading, advancers outstripped decliners by 1,005 to 493, with 262 issues unchanged.
The diversified metals and mining group charged up 7.6%, with help from a 1.4% gain in silver futures and a 2.6% rise in prices for July copper. Copper is frequently used as a gauge of economic activity.
Teck Resources Ltd. (CA:TCK.B: news , chart , profile ) shares were the most active among mining stocks, jumping 12%.
Lundin Mining (CA:LUN: news , chart , profile ) climbed 15%, and Equinox Minerals (CA:EQN: news , chart , profile ) leaped 9.1%.
In addition, Western Canadian Coal (CA:WTN: news , chart , profile ) rose 5.3% and uranium producer Denison Mines (CA:DML: news , chart , profile ) rose 6.3%, extending Thursday's 11% surge.
Gold stocks, however, slipped as gold prices fell 0.3% to $888.20 an ounce. Read more about metals prices.
Agnico-Eagle Mines (CA:AEM: news , chart , profile ) and Barrick Gold Corp. (CA:ABX: news , chart , profile ) each lost 0.4%.
Energy shares jumped 4% as crude for June delivery surged 4% to $53.20 a barrel "on signs of global economic recovery and potential return of fuel demand," energy analysts at Canaccord Adams said in a note Friday. See Futures Movers.
One hopeful sign came from the Institute for Supply Management, which said Friday that the pace of decline in the U.S. factory sector slowed in April.
The ISM purchasing managers' index rose to 40.1% from 36.3% in March. It's the highest since September, when the global financial crisis intensified. See Economic Report on ISM index.
Oil prices finished up 3.2% for the week, during which time the market received reports that Japanese industrial output rose for the first time in six months and consumer confidence in the U.K. reached its highest level in a year, "indicating an economic recovery," said Canaccord Adams.
On Friday, shares of Suncor Energy (CA:SU: news , chart , profile ) rose 7.8%, Petro-Canada (CA:PCA: news , chart , profile ) climbed 5.5%, and Talisman Energy (CA:TLM: news , chart , profile ) ended 6.4% higher.
The stronger drive in crude futures aided gains in Canada's currency against the greenback. It traded at C$1.1857 per U.S. dollar compared with C$1.1957 on Thursday.
The financial group finished flat, with Manulife Financial Corp. (CA:MFC: news , chart , profile ) reversing earlier declines to end up 0.2%.
Financial stocks on Wall Street dragged during the session, with weaker-than-expected results from insurer Hartford Financial and a cut in profit estimates by J.P. Morgan for a number of banks including Bank of America weighing on the financial sector.
The S&P 500 and the Dow Jones Industrial Average each rose 0.5%.
Elsewhere in Toronto, shares of Cott Corp. (CA:BCB: news , chart , profile ) soared 70% to C$4.10 ($3.46) after the beverage maker swung to a first-quarter profit of 28 cents a share.
