CANADA STOCKS-TSX Jumps 1 pct as oil rally boosts energy stocks; Trump eyed

Fri Jan 20, 2017 11:07am EST
 
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(Adds details on specific stocks and sectors, updates prices)

* TSX up 161.87 points, or 1.05 percent, at 15,571.68

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

TORONTO, Jan 20 (Reuters) - Canada's main stock index jumped 1 percent on Friday in a broad rally led by resources stocks as oil prices pushed higher and other commodity prices also gained and as investors eyed the inauguration of Donald Trump as the next U.S. president.

Oil prices rose 2 percent ahead of a weekend meeting of the world's top oil producers that is expected to demonstrate compliance with a global output cut deal.

The index's most influential movers included one of its biggest oil and gas producers, Canadian Natural Resources Ltd , up 1.6 percent at C$41.05. Pipeline companies also gained, with Enbridge advancing 1.9 percent to C$57.82 and TransCanada up 1.3 percent at C$62.72.

Investors hope to get a clearer picture of Trump's likely economic policies when he delivers an inaugural speech later in the day.

Canada sends three quarters of its exports to the United States, and exporters are scrambling to find ways to avoid a potential import tax, including the possible shifting of production or supply lines south of the border.

Meanwhile, his proposed tax and regulatory reforms and higher infrastructure spending could benefit Canadian companies from banks with operations there to industrial and basic materials stocks, which would benefit from faster U.S. economic growth.   Continued...