Resource shares help lift TSX to 5-week high

By Shristi Achar A and Fergal Smith

(Reuters) - Canada's main stock index closed at a five-week high on Tuesday as firmer commodity prices bolstered energy and gold mining shares.

The Toronto Stock Exchange's S&P/TSX composite index ended up 146.03 points, or 0.7%, at 20,421.85, its highest close since March 6.

"Canada basically is getting a boost from a rally in commodities, outperforming the U.S. markets," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

The S&P 500 U.S. benchmark ended slightly lower as investors awaited crucial inflation data and the unofficial kickoff of the first-quarter reporting season.

The Toronto market's materials sector, which includes precious and base metals miners and fertilizer companies, gained 1.3% as gold and copper prices rose.

Multinational mining company Glencore proposed introducing a cash component to its $22.5 billion bid for Teck Resources and urged its board to delay an impending vote on a restructuring.

Shares of Teck Resources increased 0.9%, while energy advanced 1.2% as oil settled 2.2% higher at $81.53 a barrel.

"The oil market is going to remain tight and while China's reopening has underwhelmed, they will do a lot better going forward and that should keep prices supported," Edward Moya, a senior market analyst at OANDA, said in a note.

The energy and materials sectors combined account for 32% of the weighting on the Toronto market. Financials, another major component, rose 0.6%.

Healthcare fell 1.9%, led by a 9.4% decline in Tilray Brands shares after the cannabis producer said it would buy Hexo Corp for $56 million. Shares of Hexo Corp plunged 27.8%, giving back Monday's sharp rally.

(Reporting by Fergal Smith; Additional reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar, Jonathan Oatis and Richard Chang)