TSX firms as gains for energy offset broader losses

Thu Sep 8, 2016 5:04pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index edged higher on Thursday as an oil price-driven rally in energy stocks offset broader losses for the market.

The heavyweight energy group climbed nearly 2 percent, the only one of 10 major sectors to gain.

"It is the energy sector that's propping up the TSX today. That's on the huge rally we are seeing in energy prices," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

U.S. crude oil futures CLc1 settled up $2.12 at $47.62 a barrel after U.S. inventory data showed a surprisingly large drawdown in crude stocks. [O/R]

Among the most influential gainers was Enbridge Inc (ENB.TO: Quote), which rose 4.7 percent to C$59.10. The pipeline company's stock has surged nearly 11 percent since announcing a major acquisition earlier this week.

Shares of Manulife Financial Corp (MFC.TO: Quote) rose 1.1 percent to C$17.92. Canada's biggest life insurer, would consider share buy-backs and expects a "pause" in acquisition activity, Chief Executive Donald Guloien said.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 6.51 points, or 0.04 percent, at 14,803.26.

Still, nine of the index's 10 main groups ended lower as the European Central Bank kept its already loose policy stance unchanged.   Continued...

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