Toronto stock market hits six month high on rise in crude oil price

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Canada’s main stock index returned to its highest closing in nearly seven months as the price of oil surpassed US$59 per barrel for the first time since November.

The S&P/TSX composite index closed up 111.02 points to 16,251.37.

In New York, the Dow Jones industrial average was up 65.23 points at 25,914.10. The S&P 500 index was up 10.46 points at 2,832.94, while the Nasdaq composite was up 25.95 points at 7,714.48.

The Canadian dollar traded at an average of 74.93 cents US compared with an average of 74.95 cents US on Friday.

The May crude contract was up 56 cents at US$59.38 per barrel and the April natural gas contract was up 5.5 cents at US$2.85 per mmBTU.

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The April gold contract was down US$1.40 at US$1,301.50 an ounce and the May copper contract was up 0.3 of a cent at US$2.91 a pound.