November 23, 2015 / 4:18 PM / 2 years ago

CANADA STOCKS-Energy stocks jump after Alberta plan, leading TSX higher

* TSX up 67.05 points, or 0.5 percent, at 13,499.86

* Seven of the TSX’s 10 main groups were higher

TORONTO, Nov 23 (Reuters) - Canada’s main stock index moved higher on Monday, helped by gains among energy shares after a provincial climate change plan was unveiled, even as large bank and insurer issues fell.

Power generation company TransAlta Corp shares surged 13.4 percent to C$6.18 after the Alberta government’s move to phase out coal-fired generation by 2030, a timeline that it said would not “strand capital.”

Uncertainty over the uncertainty of the future value of its coal assets in Alberta has hurt the stock price, TransAlta’s chief financial officer, Donald Tremblay, said a 15-year transition gives it time to adjust and “identify growth opportunities in renewable energy.”

The province, home to the country’s controversial oil sands, said on Sunday it will implement an economywide tax on carbon emissions in 2017.

Capital Power Corp, which also operates in Alberta, fell 6.8 percent to C$17.49.

The overall energy group jumped 1.3 percent. Encana Corp advanced 5.2 percent to C$10.85 and Suncor Energy Inc added 0.8 percent to C$36.92.

U.S. crude prices were up 0.4 percent to $42.07 a barrel, while Brent added 1.2 percent to $45.18.

At 11:15 a.m. EST (1615 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 67.05 points, or 0.5 percent, to 13,499.86.

Seven of the index’s 10 main groups were in positive territory.

Shares in Manitoba Telecom Services advanced 4.3 percent to C$29.83 after it announced a deal to sell its Allstream national fiber-optic network.

Valeant Pharmaceuticals International Inc was among the most influential gainers, rising 5.9 percent to C$128.15.

On the other side of the ledger, Royal Bank of Canada slipped 0.2 percent to C$75.96 and Manulife Financial Corp gave up 0.4 percent to C$21.78. (Reporting by Alastair Sharp; Editing by Jeffrey Benkoe)

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