February 9, 2015 / 3:28 PM / 2 years ago

CANADA STOCKS-TSX rises as energy shares gain with oil price

2 Min Read

* TSX up 77.21 points, or 0.51 percent, at 15,161.93

* Six of the 10 main index sectors advance

* Suncor, Lightstream benefit from higher oil price

By John Tilak

TORONTO, Feb 9 (Reuters) - Canada's main stock index advanced on Monday as a gain in energy shares on climbing oil prices helped offset sluggish economic data from China.

China's trade performance slumped in January, with both exports and imports dropping, renewing concerns about the health of the huge Asian economy.

The energy sector advanced 1.6 percent. The group has gained in six of the past seven sessions, helped by a recent rebound in the oil price. The jump in crude has raised hopes that oil might have found a bottom, but some market experts urged caution.

"It's encouraging, it's great for today's trading play, but does this mean that oil has bottomed once and for all? Probably not," said Colin Cieszynski, chief market strategist at CMC Markets.

"It's fairly oversold and we're getting a rebound that was overdue," he added. "Some people might be taking that to mean that the supply war is over, but it's really not."

The Toronto Stock Exchange's S&P/TSX composite index was up 77.21 points, or 0.51 percent, at 15,161.93. Six of the 10 main sectors on the index were higher.

Among shares of energy producers, Suncor Energy Inc added 1.5 percent to C$39.33, and Lightstream Resources Ltd jumped 4.2 percent to C$1.74.

Financials, the index's most heavily weighted sector, rose 0.8 percent. Bank of Nova Scotia was up 1.2 percent to C$65.92, and Toronto-Dominion Bank gained 1.1 percent to C$54.85.

$1=$1.24 Canadian Editing by Peter Galloway

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