CANADA STOCKS-TSX rises to fresh 16-month high as resource stocks climb

Fri Oct 21, 2016 11:15am EDT
 
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* TSX up 52.07 points, or 0.35 percent, at 14,899.99

* Index touches its highest since June 2015 at 14,910.99

* Nine of the TSX's 10 main groups were higher

TORONTO, Oct 21 (Reuters) - Canada's main stock index rose to a 16-month high on Friday as shares of energy and materials companies gained ground and investors speculated on a rate cut from the Bank of Canada.

At 11:05 a.m. EDT (1505 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 52.07 points, or 0.35 percent, to 14,899.99.

It touched its highest since June 2015 at 14,910.99.

Gains for the index came as weaker-than-expected domestic retail sales and inflation data reinforced speculation the Bank of Canada may lower interest rates again, after the bank acknowledged this week it had considered cutting.

The most influential movers on the index included Suncor Energy Inc, which rose 1.8 percent to C$39.47, and Tourmaline Oil Corp, which jumped nearly 7 percent to C$38.93.

Canadian rig contractor Precision Drilling Corp reported a smaller-than-expected quarterly loss, helped by lower operating costs, and raised its capital budget for the year after winning new contracts.   Continued...