CANADA STOCKS-TSX up with energy after earnings, oil price helps

Thu Oct 27, 2016 10:32am EDT
 
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(Adds details on specific stocks, updates prices)

* TSX rises 52.07 points, or 0.35 percent, to 14,859.63

* Six of the TSX's 10 main groups move higher

TORONTO, Oct 27 (Reuters) - Canada's main stock index rose in morning trading on Thursday, with the energy sector up decently as oil prices rebounded and as a slew of oil and gas companies reported quarterly earnings.

The country's largest oil and gas producer, Suncor Energy Inc, was the most influential gainer, jumping 5.3 percent to C$41.47. Suncor reported better-than-expected third-quarter profit on strong upstream production, lower operating costs and record crude throughput at its refineries.

Cenovus Energy Inc rose 3 percent to C$20.76 even as it reported a steeper loss than expected and cut its 2016 exploration and production budget again.

The energy group climbed 1.9 percent as oil edged above $50 a barrel, with a further drop in U.S. crude inventories countering investor doubts that OPEC will be able to implement a production cut.

At 10:07 a.m. EDT (1407 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 52.07 points, or 0.35 percent, to 14,859.63.

Six of the index's 10 main groups were in positive territory, with gainers outnumbering decliners by 1.4-to-1.   Continued...