Canada’s main stock index capped its worst first quarter since at least the financial crisis more than a decade ago on an upswing caused by a rise in the energy sector.
The key sector rose by 15.5 per cent with Canadian Natural Resources, Suncor Energy Inc. and Cenovus Energy Inc. gaining 22.5, 18.4 and 17.8 per cent respectively in heavy trading.
Company shares climbed after TC Energy Corp. announced that the Alberta government was taking a stake in the US$8 billion Keystone XL pipeline to fund the initial construction development costs.
That will allow the project to power ahead after years of stops and starts. “So that was a big relief for some of the heavy oil producers in Western Canada such as Suncor and CNQ,” said Craig Jerusalim,