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

Mon Nov 23, 2015 11:16am EST
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* 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.   Continued...