CANADA STOCKS-TSX up as oil jump boosts energy; Manulife, CP Rail weigh

Thu Aug 4, 2016 5:08pm EDT
 
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(Adds strategist comment, updates prices to close)

* TSX ends up 16.73 points, or 0.12 percent, to 14,528.78

* Seven of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, Aug 4 (Reuters) - Canada's main stock index notched a gain on Thursday as surging oil prices boosted energy stocks, while poor earnings hurt insurer Manulife Financial Corp and the exit of a major investor weighed on Canadian Pacific Railway stock.

The energy group, which accounts for almost one-fifth of the index's weight, rose 1.2 percent as oil prices rose on short-covering and after a modest drop in stockpiles at a U.S. hub.

The Toronto Stock Exchange's S&P/TSX composite index rose 16.73 points, or 0.12 percent, to 14,528.78.

Seven of the index's 10 main groups ended in positive territory, amid a slew of earnings releases.

"There's enough good things happening in those individual earnings reports for the analysts to boost their forward earnings estimates," said John Johnston, chief strategy officer at Davis-Rea.   Continued...