CANADA STOCKS-Energy gains push TSX to highest close in over a year

Mon Aug 8, 2016 4:45pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 106.85 points, or 0.73 percent, at 14,755.62

* Nine of the TSX's 10 main groups rise; energy stocks up 2 pct

By Alastair Sharp

TORONTO, Aug 8 (Reuters) - Canada's main stock index notched its highest close in more than a year on Monday as energy stocks jumped with rising oil prices amid improved risk sentiment and on speculation that OPEC would seek to restrain output.

The Toronto Stock Exchange's S&P/TSX composite index ended up 106.85 points, or 0.73 percent, at 14,755.62, its strongest finish since June 26, 2015.

It got as high as 14,783.16 in intra-day trade.

The most influential gainers included its biggest energy companies, with Suncor Energy Inc up 1.7 percent to C$35.64 and Canadian Natural Resources adding 1.4 percent to C$41.17.

The energy group, which accounts for almost one-fifth of the index's weight, gained 2 percent while oil prices jumped more than 2 percent as some OPEC members reportedly sought to restrain output. Analysts warned, however, that the bearish fundamentals that had brought prices to four-month lows last week still lurked.   Continued...