TSX moves higher as energy sector gets help from Alberta election

Canada’s main stock index moved higher as the election of a conservative government in Alberta helped to support the energy sector despite lower crude prices, says a market observer.

 

A man works in the broadcast centre at the TMX Group Ltd. in Toronto, on May 9, 2014. THE CANADIAN PRESS/Darren Calabrese

TORONTO — Canada’s main stock index moved higher as the election of a conservative government in Alberta helped to support the energy sector despite lower crude prices, says a market observer.

The S&P/TSX composite index closed up 42.04 points at 16,544.24.

In New York, the Dow Jones industrial average was down 3.12 points at 26,449.54. The S&P 500 index was down 6.61 points at 2,900.45, while the Nasdaq composite was down 4.15 points at 7,996.08.

The Canadian dollar traded at an average of 75.01 cents US compared with an average of 74.84 cents US on Tuesday.

The June crude contract was down 32 cents at US$63.87 per barrel and the May natural gas contract was down 5.5 cents at US$2.52 per mmBTU.

The June gold contract was down 40 cents at US$1,276.80 an ounce and the May copper contract was up 3.7 cents at US$2.97 a pound.

 

 

 

The Canadian Press

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