(Reuters) - Canada's commodity-linked main stock index extended its recent winning streak on Thursday as oil prices climbed and recent volatility in financial markets lost some momentum
Toronto Stock Exchange's S&P/TSX Composite Index ended up 86.02 points, or 0.4%, at 24,192.81, its fifth straight day of gains and its highest closing level since April 3. For the holiday-shortened week, the index was up 2.6%, which is the biggest weekly gain since September.
"Canada is doing quite well this week," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "What we're probably seeing is just some of the extreme volatility previously has just subsided a little bit and now people are waiting to see what happens next."
Stock markets globally have gyrated wildly in recent weeks on an uncertain outlook for global trade.
The Toronto market's energy sector rose 2.2% as the price of oil settled 3.5% higher at $64.68 a barrel. Oil was supported by hopes for a trade deal between the United States and the European Union and new U.S. sanctions to curb Iranian oil exports.
The interest rate-sensitive utilities and real estate sectors also notched gains, rising 0.7% and 1.1% respectively.
The Bank of Canada paused its rate-cutting campaign on Wednesday but investors are betting that the central bank will resume interest rate cuts in the coming months.
Consumer staples added 1% to eclipse the record closing high the sector posted on April 3.
Bausch Health Companies Inc was a standout, rising 13.3%. Fitch Ratings upgraded its issuer default rating on the company.
The materials group, which includes metal mining shares, was a drag. It fell 1.4% as gold pulled back from a record high.
The TSX will be closed on Friday for the Good Friday holiday.
(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed, Shailesh Kuber and Nia Williams)
By Fergal Smith
