CANADA STOCKS-TSX rises to a 3-month high, led by energy and mining stocks

Mon Mar 7, 2016 4:46pm EST
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(Adds details, updates prices)

* TSX up 171.1 points, or 1.29 percent, to 13,383.60

* All of the TSX's 10 main groups ended higher

By Fergal Smith

TORONTO, March 7 (Reuters) - Canada's main stock index rose on Monday to a three-month high as mining and energy stocks gained on the back of higher oil and gold prices, while industrial and financial sector stocks also rallied.

The index has rebounded 16 percent since hitting an almost 3-1/2 year low in January, helped by a recovery in commodity prices and stabilization in financial markets.

"There's a certain amount of short-covering that's going on that's helping to drive the market," said Michael Sprung, president at Sprung & Co. Investment Counsel.

The energy group climbed 2.3 percent, while the materials sector, which includes precious and base metals miners and fertilizer companies, added 2.2 percent.

Global oil markets jumped more than 5 percent after Ecuador said it was holding a meeting of Latin American crude producers as OPEC sought a higher anchor price for oil.   Continued...