TSX gains with energy stocks as oil surges

Mon Nov 21, 2016 10:47am EST
 
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TORONTO (Reuters) - Canada's energy sector gave its main stock index a boost on Monday, bolstered by a rally in crude oil prices ahead of an OPEC meeting next week.

Oil rose 3 percent to its highest in three weeks as Saudi Arabia's diplomatic charm offensive to persuade the cartel's more reluctant members to join its proposed output cut raised hopes for a deal.

The most influential movers on the index included Suncor Energy Inc, which rose 2.2 percent to C$42.71, and Canadian Natural Resources Ltd, up 2 percent to C$43.93.

Both major oil producers have gained around 9 percent since Nov. 11.

The energy group climbed 2.3 percent, with Encana Corp advancing 3.9 percent to C$16.40.

Shares in TransAlta Corp, the country's largest operator of coal-fired plants, declined 1.8 percent to C$5.52.

Canada announced on Monday it will virtually eliminate the use of traditional coal-fired electricity by 2030.

Around 10:30 a.m. EDT (1526 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 116.14 points, or 0.78 percent, to 14,980.17.

Eight of the index's 10 main groups were in positive territory, with five advancers for every decliner.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch