TSX gains on energy, some retailers, Bombardier

Thu Sep 10, 2015 4:52pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index rose on Thursday, buoyed by a surge in Bombardier's stock, gains in some retailers on rosy results and a bump higher in oil and gas company shares as the price of crude oil rallied.

Still, overall gains were muted, as investor uncertainty over global growth prospects lingered ahead of a U.S. Federal Reserve rate decision next week.

"It seems that the global economy is weakening, and we'd still be very cautious on the consumer, especially in Canada," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners+ of Richardson GMP Ltd.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 38.04 points, or 0.28 percent, at 13,569.89. Six of the 10 main groups gained, with 141 advancers and 99 decliners.

"I think a lot of people will be looking toward the Fed meeting next week and its impact on the U.S. dollar," Zohny said. "Should the Fed be a bit more dovish and hold off on rates, that could give a boost to commodity prices."

The energy sector gained 1.2 percent, with Canadian Natural Resources CNQ.TO adding 1.4 percent to C$27.56 and Suncor Energy (SU.TO: Quote) up 0.8 percent at C$35.03.

U.S. crude oil CLc1 prices rose 3.4 percent to $45.64 a barrel, while Brent LCOc1 added 2.3 percent to $48.68.

Shares in Bombardier Inc (BBDb.TO: Quote) jumped 28.7 percent to C$1.88 after it said its new CSeries jet was 85 percent through the certification process.   Continued...

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