CANADA STOCKS-TSX rallies as oil prices boost energy; Shopify surges

Thu May 21, 2015 4:54pm EDT
 
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(Updates prices, adds fresh Northland analyst comment)

* TSX up 130.78 points, or 0.87 percent, to 15,203.61

By Solarina Ho

TORONTO, May 21 (Reuters) - Canada's main stock index rebounded on Thursday as financial and energy stocks, bolstered by a rally in oil prices, pushed the TSX to its best performance in more than a week.

Valeant Pharmaceuticals International was by far the most influential individual gainer on the index, rising 2.4 percent to C$285.23. The company is in talks to buy Egyptian drugmaker Amoun Pharmaceutical Co, according to a Bloomberg report on Wednesday.

Other influential movers included Enbridge Inc, which climbed 2.62 percent to C$62.67, and Canadian Natural Resources, which advanced 2.4 percent to C$38.85.

The overall energy sector climbed more than 2.2 percent, tracking higher oil prices, which rose on expectations that excess global crude supply was starting to ease. Fighting in Iraq, OPEC's second-largest producer, helped pushed up prices.

"The price of oil really helps. It was a big driver for the market. ...(Iraq)'s probably got people a little worried," said David Cockfield, managing director and portfolio manager at Northland Wealth Management, though he said he was not especially positive on oil prices over the long term.

U.S. crude was up nearly 3 percent to $60.72, while Brent crude added 2.3 percent to $66.53.   Continued...