CANADA STOCKS-TSX rises with energy stocks as oil prices jump

Mon Dec 12, 2016 10:32am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details on specific stocks, updates prices)

* TSX up 32.59 points, or 0.21 percent, at 15,344.79

* Six of the TSX's 10 main groups move lower; energy up 3.3 pct

TORONTO, Dec 12 (Reuters) - A surge in shares of energy companies helped push Canada's main stock index higher on Monday as crude prices jumped on a deal to cut production.

But the gains, which extended a 19-month index high, were offset by falling industrial stocks including railways and slips among financial and materials stocks.

At 10:06 a.m. EDT (1506 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 32.59 points, or 0.21 percent, to 15,344.79.

The energy group, which accounts for more than a fifth of the index's weight, climbed 3.3 percent as oil prices hit an 18-month high after OPEC and some of its rivals agreed to jointly reduce output to tackle global oversupply and boost prices.

Eighteen of the 20 most influential movers on the index were energy stocks, included its biggest oil and gas producers, with Canadian Natural Resources Ltd up 4.1 percent at C$45.77 and Suncor Energy Inc adding 2.2 percent to C$43.91.

Cenovus Energy Inc, which last week said it would up its capital spending and resume work on an oil sands project in 2017, advanced 5.9 percent to C$21.88.   Continued...