CANADA STOCKS-TSX rises with energy stocks as oil jumps

Tue Nov 15, 2016 10:41am EST
 
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(Adds details on specific stocks, updates prices)

* TSX up 55.44 points, or 0.38 percent, to 14,653.89

* Nine of the TSX's 10 main groups gain, financials weigh

TORONTO, Nov 15 (Reuters) - Canada's main stock index rose on Tuesday as energy stocks pushed higher with a jump in oil prices, while financial stocks pulled back after a sharp rally following the shock U.S. presidential election victory of Donald Trump.

Expectations that Trump's administration will cut taxes, increase spending and accelerate inflation have lifted assets including the U.S. dollar, bank stocks and industrial metals, and driven bond yields higher.

The most influential gainers on the Canadian index included its biggest energy producers, with Suncor Energy Inc rising 2.5 percent to C$40.77 and Canadian Natural Resources Ltd advancing 2.4 percent to C$42.76. Encana Corp added 2.4 percent to C$42.76.

The energy group climbed 3.1 percent as oil prices bounced back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a crude glut.

The financials group slipped 0.7 percent as a rally in global bond yields paused, with Toronto-Dominion Bank down 0.7 percent to C$62.51 and Bank of Nova Scotia losing 0.9 percent to C$69.24.

Insurer Manulife Financial Corp declined 1.5 percent to C$22.82 after four days of sharp gains took the stock to its highest since August 2015.   Continued...