CANADA STOCKS-TSX climbs as energy shares climb with oil prices

Wed Dec 23, 2015 9:53am EST
 
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TORONTO Dec 23 (Reuters) - Canada's main stock index climbed on Wednesday as a jump in oil prices from a fall in U.S. crude inventories helped drive up shares of energy producers.

The benchmark TSX was up for a fourth straight session as shares in the natural resource companies have rebounded slightly in recent days.

The energy sector jumped 3.2 percent. Suncor Energy Inc added 2.1 percent to C$36.72, and Canadian Natural Resources Ltd advanced 3.5 percent to C$30.

The price of U.S. crude oil gained 2.7 percent to $37.12.

However, the issue of high supply and low demand does not show any signs of going away anytime soon. The Organization of the Petroleum Exporting Countries (OPEC) expects demand for its crude to be lower in 2020 than in 2016.

The Toronto Stock Exchange's S&P/TSX composite index rose 89.29 points, or 0.68 percent, at 13,172.15. Nine of the 10 main sectors on the index were higher.

A gain in copper prices helped support mining shares. Teck Resources Ltd shot up 9.1 percent to C$5.52, and First Quantum Minerals Ltd rose 5.5 percent to C$5.40. (Reporting by John Tilak Editing by W Simon)