CANADA STOCKS-Energy stocks lead TSX rally; Shopify surges

Thu May 21, 2015 10:50am EDT
 
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(Updates prices, adds analyst comment)

* TSX up 112.86 points, or 0.75 percent, to 15,185.69

By Solarina Ho

TORONTO, May 21 (Reuters) - Canada's main stock index rebounded on Thursday, lifted in part by a general upbeat tone among investors and higher crude prices that bolstered energy stocks for the third straight session.

Valeant Pharmaceuticals International was by far the most influential individual gainer on the index, rising 2 percent to C$284.20. The company is in talks to buy Egyptian drugmaker Amoun Pharmaceutical Co, according to a Bloomberg report on Wednesday.

Other influential movers on the index included Enbridge Inc , which rose 1.72 percent to C$62.12, and Canadian Natural Resources, which advanced 1.7 percent to C$38.59.

The overall energy sector climbed 1.9 percent, tracking higher oil prices, which rose on expectations the excess global crude supply was starting to ease. Fighting in Iraq, OPEC's second-largest producer, also pushed up prices.

U.S. crude was up 2.3 percent to $60.33, while Brent crude added 2.0 percent to $66.32.

At 10:34 a.m. EDT (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 112.86 points, or 0.75 percent, to 15,185.69.   Continued...