CANADA STOCKS-TSX hits four-week high as energy and financials post gains
April 6 (Reuters) - Canada's main stock edged up on Monday to a near four-week high as investors weighed prospects of an end to the war in the Middle East, with energy and financial shares contributing to gains.
The S&P/TSX Composite Index .GSPTSE ended up 73.75 points, or 0.2%, at 33,181.97, marking its highest closing level since March 10.
Iran said it wanted a lasting end to the war with the U.S. and Israel, and pushed back against pressure to swiftly reopen the Strait of Hormuz under a temporary ceasefire. The Americans and the Iranians were weighing a framework plan to cease their five-week-old conflict.
"Until the uncertainty clears up and we get some kind of direction, things will be highly volatile with a lot of back and forth as we've seen the last couple of weeks," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.
Domestic data was downbeat. Canada's services economy contracted for a fifth straight month in March as uncertainty related to the war contributed to a decline in new business and after higher fuel costs raised operating expenses, S&P Global's Canada services PMI data showed.
The price of oil CLc1 settled 0.8% higher at $112.41 a barrel on the potential for sustained supply losses due to shipping disruptions, which helped lift the energy sector .SPTTEN by 0.7%.
Heavily weighted financials .SPTTFS added 0.5% and consumer discretionary .GSPTTCD ended 0.8% higher.
Defense contractor MDA Space MDA.TO jumped 6.8% after brokerage Jefferies initiated coverage with a "buy" rating, helping industrials .GSPTTIN post a gain of 0.7%.
Materials .GSPTTMT, which includes metal mining shares, was one of the few sectors to end lower. It lost 0.2% as the price of gold XAU= fell.
