TSX rises despite oil weakness, loonie falls

North American markets posted a so-called Santa Claus rally, closing higher despite another fall in the price of oil.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/ TSX Composite Index on Tuesday added 48.48 points, or 0.37 percent, to 13,082.86 points, as the gains driven by mining shares offset the slump in financial sector, Xinhua reported. All 10 of the index’s main groups rose.

Resource stocks helped the Toronto stock market inch slightly higher, while south of the border stocks tumbled for a second straight session.

Oil prices rose, underpinned by an unexpected fall in USA crude inventories, but they were still close to multi-year lows as supplies remained abundant and as OPEC lowered the demand outlook for its exports.

The Dow Jones average of 30 stocks was up 35.17 points at 17,286.79, the broader S&P 500 index advanced 3.91 points to 2,025.06 and the Nasdaq gained 0.99 point to 4,969.91.

The loonie was down 0.24 of a cent at 71.47 cents US.