CANADA STOCKS-TSX jumps to 20-month high as oil rallies

Tue Jan 3, 2017 10:17am EST
 
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* TSX up 152.87 points, or 1 percent, at 15,440.46

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

TORONTO Jan 3 (Reuters) - Canada's main stock index vaulted more than 1 percent on Tuesday, hitting its highest level in more than 20 months on the first trading day of 2017, as a jump in oil prices helped energy stocks lead a broad-based gain.

The most influential movers on the index included Suncor Energy Inc, which rose 1.9 percent to C$44.74, and Canadian Natural Resources Ltd, which advanced 2.8 percent to C$43.97. Encana Corp gained 3.4 percent to C$16.30.

The energy group climbed 2.2 percent overall as oil prices were buoyed by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.

The heavyweight financials group gained 0.9 percent, with Royal Bank of Canada up 1 percent at C$91.80 and Bank of Nova Scotia advancing 0.9 percent to C$75.41.

At 10:09 a.m. ET (1509 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 152.87 points, or 1 percent, at 15,440.46. It earlier touched 15,450.27, its highest since April 27, 2015.

Eight of the index's 10 main groups were in positive territory, with advancers outnumbering decliners by more than 3-to-1.

Industrials were up 1 percent and the materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent.   Continued...