CANADA STOCKS-TSX rises to nearly 16-month high, led by resource stocks

Wed Oct 19, 2016 3:31pm EDT
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(Adds portfolio manager quotes and details on Enbridge and the Bank of Canada; updates prices)

* TSX up 115.15 points, or 0.78 percent, at 14,867.40

* Seven of the index's 10 main groups were higher

By Fergal Smith

TORONTO, Oct 19 (Reuters) - Canada's main stock index rose to a nearly 16-month high on Wednesday, led by energy and mining companies as oil surged and gold climbed, while financial stocks also gained ground.

The index has rebounded nearly 29 percent since hitting a three-year low in January, but had been unable to make new highs since August.

"As long as you have the economy continuing to do ok and you have a bid on the energy side and a stabilization of oil prices, I think there is room for the market to head higher into year end," said Bryden Teich, portfolio manager at Avenue Investment Management.

The energy group rose more than 2 percent as U.S. crude oil climbed to a 15-month high.

Enbridge Inc rose 1.5 percent to C$59.02. Canada's largest pipeline company is laying off 5 percent of its work force after an organizational review, a spokeswoman said.   Continued...