TSX posts weekly gain as markets recover from 'oversold' levels
TSX ends up 0.39% at 22,311.30
For the week, the index gains 0.38%
Materials group gains 1.09%, with IAMGOLD up 15.35%
Algonquin Power & Utilities falls 12.60%
Updates at market close
By Fergal Smith
Aug 9 (Reuters) -Canada's main stock index closed out a turbulent week for financial markets on a positive note on Friday, helped by gains for some of the economically sensitive sectors, such as financials and materials.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 85.69 points, or 0.39%, at 22,311.30.
For the week, it was up 0.38%, with the index rebounding after it fell on Wednesday to a near six-week low.
The market is recovering from an oversold condition after a "dramatic washout" earlier in the week, said Brandon Michael, senior investment analyst at ABC Funds.
U.S. jobless claims data on Thursday helped ease fears of a slowdown in the American economy.
Data on Friday showed that Canada's economy shed 2,800 jobs in July but some of the details were encouraging, including increases in full-time jobs and hours worked.
"The TSX is being led higher today by a number of important sectors, including materials, financials, technology, and energy," Michael said.
"We view this as significant because these economically sensitive sectors are good barometers and future indicators for the economy and the stock market."
The materials group climbed 1.09% as copper HGc1 prices moved higher and was helpedby a 15.35% jump in the shares of IAMGOLD Corp IMG.TO after the company reported quarterly results.
The price of oil CLc1 settled up 0.9% at $76.84 a barrel, helping to support the energy sector, which ended 0.44% higher.
Financials rose 0.75% and technology was up 0.94%.
Among the biggest decliners was Algonquin Power & Utilities Corp AQN.TO. Its shares tumbled 12.60% after the company announced it would sell its renewable energy business, excluding hydropower operations.
Shares of Canadian National Railway CNR.TO and Canadian Pacific Kansas City CP.TO also ended lower after the Canadian Teamsters union said a work stoppage could start on Aug. 22 if a deal is not reached.
Reporting by Fergal Smith in Toronto and Purvi Agarwal in Bengaluru; Editing by Vijay Kishore and Jonathan Oatis
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