CANADA STOCKS-TSX firms as gains for energy offset broader losses

Thu Sep 8, 2016 5:03pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds analyst quotes and details on Manulife, ECB and housing starts, updates prices)

* TSX closes up 6.51 points, or 0.04 percent, at 14,803.26

* Energy is only one of 10 major sectors to gain

By Fergal Smith

TORONTO, Sept 8 (Reuters) - Canada's main stock index edged higher on Thursday as an oil price-driven rally in energy stocks offset broader losses for the market.

The heavyweight energy group climbed nearly 2 percent, the only one of 10 major sectors to gain.

"It is the energy sector that's propping up the TSX today. That's on the huge rally we are seeing in energy prices," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

U.S. crude oil futures settled up $2.12 at $47.62 a barrel after U.S. inventory data showed a surprisingly large drawdown in crude stocks.

Among the most influential gainers was Enbridge Inc , which rose 4.7 percent to C$59.10. The pipeline company's stock has surged nearly 11 percent since announcing a major acquisition earlier this week.   Continued...