TSX gains as energy, financials stocks move higher

Tue Dec 1, 2015 10:35am EST
 
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TORONTO (Reuters) - Canada's main stock index rose on Tuesday, led by gains in the heavyweight energy and financial sectors as crude oil prices steadied and two of the country's main banks reported quarterly earnings.

Bank of Montreal (BMO.TO: Quote) rose 1.4 percent to C$78.17 after reporting higher profit and upping its dividend, while Bank of Nova Scotia (BNS.TO: Quote) was flat at C$60.88 after its quarterly report.

The overall financials group, which accounts for more than one-third of the index's weight, climbed 0.6 percent.

Energy stocks climbed 1.1 percent, with Suncor Energy Inc SU.TO up 1.1 percent to C$37.31 and Cenovus Energy Inc (CVE.TO: Quote) advancing 2.9 percent to C$20.34.

At 10:13 a.m. EST (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 89.76 points, or 0.67 percent, at 13,559.59.

U.S. crude CLc1 prices were up 0.6 percent to $41.89 a barrel, while Brent LCOc1 added 0.3 percent to $44.74. [O/R]

Eight of the index's 10 main groups were in positive territory, with six stocks hitting new 52-week highs and two plumbing new 52-week lows. There were more than two gainers for every decliner.

Canada pulled out of recession in the third quarter as an acceleration in exports and increased spending in the consumer and housing sectors revived growth, data showed.

ProMetic Life Sciences PLI.TO shares fell 9.3 percent to C$3.21 after the company said it will transition its drug to treat Type 2 diabetes to a new placebo-controlled trial.

(Reporting by Alastair Sharp; Editing by James Dalgleish)

 
People walk by a sign displaying TSX information in Toronto September 29, 2008. 
REUTERS/Mark Blinch