CANADA STOCKS-TSX extends gains on stronger commodity prices

Mon May 6, 2013 11:24am EDT

* TSX rises 46.97 points, or 0.38 percent, to 12,485
    * Nine of the 10 main index sectors advance
    * Penn West jumps after naming directors
    * Onex climbs after making takeover move

    By John Tilak
    TORONTO, May 6 (Reuters) - Canada's main stock index
advanced for a third straight session on Monday, led by stronger
financial shares and by gains in resource companies after some
commodity prices rose.
    A jump in Penn West Petroleum Ltd also supported
the market after the oil and gas producer named two industry
veterans to its board. 
     The Toronto benchmark index was outperforming its U.S.
peers on Monday, a contrast to its showing since the start of
the year.
    "Things will get better in Canadian equity markets" as the
year progresses, said Arthur Salzer, executive director and
chief executive at Northland Wealth Management. 
    "We really haven't done much in the last five to six months,
and we think there will be slightly better times ahead." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 46.97 points, or 0.38 percent, at 12,485. Nine
of the 10 main sectors on the index were higher.
     Shares of oil and gas companies were up 0.5 percent, helped
by a rise in the price of Brent crude. 
    Penn West jumped 6.8 percent to C$10.16 after the company
named former Suncor Energy Inc CEO Rick George and
former Canadian Natural Resources Ltd Chairman Allan
Markin to its board. 
    The index's materials sector, which includes mining stocks,
climbed 0.4 percent. Gold miners, which have had a disastrous
run this year, were up 0.5 percent as bullion prices rose.
 
    "We've probably seen the worst in the gold sector," Salzer
said. "The latter part for the year will be stronger because the
golds will start to get attention again."
    Financials, the index's most heavily weighted sector, rose
0.5 percent.
    Shares of private equity firm Onex Corp were up
after it said it would buy market research company Nielsen
Holdings NV's expositions business for $950 million in
cash. Onex shares climbed 0.6 percent to C$49.89.
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