CANADA STOCKS-TSX climbs as energy shares jump with oil prices

Mon Feb 2, 2015 10:54am EST
 
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* TSX up 72.17 points, or 0.49 percent, at 14,745.65

* Five of 10 main index sectors advance

* Canadian Oil Sands jumps more than 16 percent

By John Tilak

TORONTO, Feb 2 (Reuters) - Canada's main stock index advanced with higher oil prices on Monday as investors rushed to the battered energy sector to take advantage of appealing valuations.

Shares of energy producers extended a 4.7 percent gain in the previous session, when the oil price began rallying off multi-year lows as some concerns about excess supply began to ease.

The strength was somewhat offset by sluggish economic data from China and a slowdown in Canadian manufacturing sector growth.

"The decline we've seen in energy prices is going to disproportionately hit the Canadian economy this year," said Stephen Lingard, portfolio manager of the Franklin Templeton Solutions group at Franklin Templeton Investments.

But he is more bullish about the energy sector than the broader Canadian equity market.   Continued...