CANADA STOCKS-TSX gains as energy shares bounce; Open Text surges

Thu Jul 30, 2015 4:38pm EDT
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(Adds investment manager comment, updates prices to close)

* TSX ends up 80.98 points, or 0.57 percent, to close at 14,382.78

* Eight of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, July 30 (Reuters) - Canada's main stock index rose on Thursday, helped by a second day of gains for energy shares after plumbing new depths earlier in the week, and with shares in Open Text Corp surging after the software company's outlook impressed investors.

The energy sector jumped 2.9 percent, after gaining a similar amount on Wednesday, after separate data showed a much steeper than expected drawdown in U.S. stockpiles and a slip in U.S. production.

Among the most influential gainers were Suncor Energy Inc , which rose 6.3 percent to C$36.81, and Canadian Natural Resources, which advanced 3 percent to C$31.67.

"It's bargain hunting in search of a bottom. Oil and gas is better on slightly better numbers, so that's given them a whiff of hope," said John Ing, president of Maison Placements Canada.

Open Text was the second-biggest driver for the TSX bounce, surging 22.3 percent to C$58.08 after reporting revenue that beat estimates for the first time in four quarters and raising its fiscal 2016 operating margin forecast.   Continued...