CANADA STOCKS-TSX rises as commodity prices offer some relief

Wed Dec 9, 2015 10:34am EST
 
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(Adds details, updates prices)

* TSX rises 141.65 points, or 1.1 percent, to 13,064.12

* Eight of the TSX's 10 main groups gain

TORONTO, Dec 9 (Reuters) - Canada's main stock index bounced off its weakest close in two years on Wednesday, helped by a rebound in heavyweight resource and financial stocks as commodity prices caught a break from a bruising sell-off.

The energy group climbed 1.9 percent as strong Japanese data and a surprise drop in U.S. oil stockpiles boosted crude prices off of 2009 lows, while gains for copper and gold helped materials stocks rise 2.1 percent overall.

Those two groups, which combined account for more than a quarter of the index's weight, have lost between 22 and 27 percent of their value this year.

Pipeline companies were among the most influential gainers on the day, with Enbridge Inc up 3.4 percent to C$43.30 and TransCanada Corp advancing 3 percent to C$42.24. Some investors view the dividends of these Canadian infrastructure stocks as well protected from commodity price weakness and the overall industry slowdown.

Heavyweight producers also featured in the winning column, with Suncor Energy Inc adding 2.2 percent to C$35.73 and Canadian Natural Resources gaining 1.9 percent to C$29.17.

At 10:02 a.m. EST (1502 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 141.65 points, or 1.1 percent, to 13,064.12.   Continued...