CANADA STOCKS-TSX hits 2-1/2 week high as energy leads

Wed Jun 24, 2015 11:11am EDT
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(Updates prices, adds analyst comments)

* TSX up 78.96 points, or 0.53 percent, to 14,983.87

* Nine of the TSX's 10 main groups were up

By Solarina Ho

TORONTO, June 24 (Reuters) - Canada's main stock index rose for the third straight session on Wednesday, hitting a 2-1/2 week high as energy stocks lead broad gains across the board, bucking broader market trends.

Suncor Energy Inc was by far the top-weighted stock on the positive side, rising 2.67 percent to C$35.71. Canadian Natural Resources was close behind, advancing 1.5 percent to C$36.47.

The overall oil and gas sector rallied for the third day in a row, climbing 1.4 percent, helped in part by U.S. oil prices that traded around the $60 level, holding at a relatively steady range after a volatile first quarter.

"(Energy)'s got a lot traction from resilience in crude oil and rally in natural gas," said Fergal Smith, managing market strategist at Action Economics.

At 10:50 a.m. EDT (1450 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 78.96 points, or 0.53 percent, to 14,983.87. The index has advanced some 2.3 percent this week so far, rebounding from recent declines.   Continued...