Gold Stocks Help TSX To 4-Day Win Streak -- Canadian Commentary

(RTTNews) - Canadian stocks turned in a mixed performance Thursday, as Toronto's main index advanced modestly but only on the strength of the gains in the gold sector.

Gold stocks rose along with bullion prices as risk aversion returned to markets.

The S&P/TSX Composite Index added 64.20 points, or 0.50 percent, to 12,931.36.

It was the fourth consecutive daily gain for Canadian stocks.

Energy stocks were off to a good start but turned lower when a Saudi official dashed hopes for a production cut.

Meanwhile, US crude oil stockpiles increased by 2.1 million barrels to a record high of 504.1 million barrels, marking the fifth weekly rise in six.

Nymex March oil ended 11 cents higher at $30.77 a barrel, staying away from a recent 13-year low near $26.

The Energy Index, which measures Canada's oil stocks, was down 1.3 percent, trimming weekly gains.

Base metal miners lost 4 percent, having skyrocketed up 14 percent in the previous session.

The Gold Index jumped 5.5 percent. April gold settled $14.90, or 1.2%, higher at $1,226.30/oz -- moving back toward last week's yearly high near $1250.

In corporate news, Barrick Gold (ABX.TO) is declining 0.49 percent, after it announced a profit for fourth quarter that declined from last year. The company is planning to cut debt by at least $2-billion in 2016. Shares rose 6.7 percent.

IAMGOLD Corp. (IMG.TO, IAG) reported a fourth-quarter adjusted net loss. Shares jumped 8 percent.

Finning International (FTT.TO) lost 1.9 percent. The company announced that Doug Whitehead will step down as Chairman of the Board on May 4, 2016. Mike Wilson has been chosen to succeed him.

Bombardier (BBD.B.TO) may pursue a United Airlines deal for C Series planes, the Globe and Mail reports. Shares rose 3 percent.

On the economic front, Statistics Canada reported this morning that Canadian wholesale sales climbed 2 percent in December. Economists had expected an increase of only 0.2 percent.