CANADA STOCKS-TSX rises to nearly 2-week high, led by energy shares

Thu Feb 9, 2017 11:11am EST
 
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(Adds details on stocks and sectors throughout, updates prices)

* TSX up 53.62 points, or 0.34 percent, at 15,607.66

* Index touches highest intraday since Jan. 27 at 15,627.08

* Seven of TSX's 10 main groups rise

TORONTO, Feb 9 (Reuters) - Canada's main stock index rose on Thursday to its highest in nearly two weeks, led by a more than 2 percent gain for energy shares as oil prices rose, while lower prices for base and precious metals weighed on the materials group.

Suncor Energy Inc climbed 2.8 percent to C$41.64. Canada's largest oil and gas company reported a larger-than-expected fourth-quarter profit on Wednesday as a result of higher global crude prices and improved reliability at the Syncrude oil sands project.

The overall energy group gained 2.1 percent, while U.S. crude prices were up 1.1 percent at $52.93 a barrel after an unexpected draw in U.S. gasoline inventories pointed to higher demand in the world's biggest oil market.

Industrial shares rose 0.5 percent as railroad stocks gained ground and the heavyweight financials group firmed 0.4 percent, led by a 0.9 percent gain for Royal Bank of Canada to C$96.25.

Manulife Financial Corp reversed earlier gains to fall 1.1 percent to C$24.32. Canada's biggest insurer met a long-held target to achieve an annual profit of C$4 billion in 2016 and exceeded analyst expectations, helped by a strong performance in Asia.   Continued...