CANADA STOCKS-TSX extends rally, up nearly 3 pct on soaring oil

Thu Aug 27, 2015 5:16pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds comment from Caldwell Securities analyst, trading details, closing figures)

* TSX up 385.08 points, or 2.88 percent, at 13,766.67

* All of the TSX's 10 main groups rose

By Solarina Ho

TORONTO, Aug 27 (Reuters) - Canada's main stock index jumped nearly 3 percent on Thursday, recouping this week's hefty losses, as a 10 percent surge in crude oil prices fueled a rally in energy shares and helped lead an across-the-board bounce.

U.S. crude prices vaulted 10.26 percent to settle at $42.56 a barrel on a global rally in equity markets and an unexpected fall in U.S. crude inventories.

"That's really given the energy stocks a breather. All of them are having a really good day," said John Kinsey, portfolio manager at Caldwell Securities. "We've had two really good days here now, and I think that means maybe the panic has subsided, at least for now."

All 10 of the index's main groups were on higher ground, with the three most influential sectors, energy, materials and financials climbing 6.6, 4.5 and 2.2 percent respectively. Those groups make up roughly two-thirds of the index's weight.

Suncor Energy Inc was the most influential gainer on the index, jumping 5.5 percent to C$36.43. Canadian Natural Resources Ltd soared 8.6 percent to C$28.23.   Continued...