TSX rises as railways, banks and energy stocks gain

Mon Apr 20, 2015 5:09pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index rose on Monday as oil price gains helped oil and gas companies, and railways and banks also moved higher.

The country's two main railway companies both jumped ahead of their earnings. Canadian National Railway Co, which reported results after markets closed, gained 2.7 percent to C$83.35, and Canadian Pacific Railway Ltd added 2.2 percent to C$237.26.

Energy names also played a positive role, as crude oil holds onto a recent upward trend even amid fears of oversupply. [O/R]

"The statistics are coming out on a weekly basis showing inventories are mounting and yet the crude price remains firm. That's giving strength to the stocks," said John Ing, president of Maison Placements Canada.

"There seems to be a looking across the valley approach that's giving strength to some of the energy bulls," he said.

Encana Corp rose 3.8 percent to C$16.55 after a Bloomberg report that Canada's largest natural gas producer was considering selling some assets.

Enbridge Inc advanced 0.7 percent to C$65.26.

Philip Petursson, a portfolio advisory group analyst at Manulife Asset Management, said energy stocks offer the long-term investor a compelling option.   Continued...

 
A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch