TSX rises on gains for resource stocks, financials
By Fergal Smith
TORONTO (Reuters) - Canada's main stock index rallied on Monday, led by strength in resource stocks and as financials rose ahead of bank earnings reports this week but the index lost 0.4 percent in November.
The market saw some month-end rebalancing, according to Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP in Vancouver.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 101.59 points, or 0.76 percent, at 13,469.83, with eight of the index's 10 main groups in positive territory.
The energy group rallied 1.5 percent despite U.S. crude oil prices unwinding earlier gains to close lower on the day. [O/R]
Suncor Energy Inc (SU.TO: Quote) rose 2.5 percent to C$36.90. After the close, the Alberta Securities Commission said shareholders in Canadian Oil Sands COS.TO should have until Jan. 4, 2016 to consider Suncor's hostile takeover bid.
Canadian Oil Sands gained 2.8 percent to C$8.56, while Canadian Natural Resources (CNQ.TO: Quote) added 1.8 percent at C$32.34.
The materials sector advanced 2.4 percent, helped by firming in the price of gold and gains for fertilizer stocks.
Potash Corp (POT.TO: Quote) rose 3.6 percent to C$27.03, while Agrium Inc (AGU.TO: Quote) was up 2.8 percent at C$131.84 and Barrick Gold Corp (ABX.TO: Quote) was up 3.8 percent at C$9.83. Continued...