CANADA STOCKS-TSX rises as oil rally boosts energy shares

Wed May 10, 2017 4:29pm EDT
 
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(Adds portfolio manager quote and background details and updates prices)

* TSX closes up 64.01 points, or 0.41 percent, at 15,633.21

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

By Fergal Smith

TORONTO, May 10 (Reuters) - Canada's main stock index rose on Wednesday as higher oil prices supported energy shares, while insurer Sun Life Financial Inc and exchange operator TMX Group Ltd fell after reporting earnings that failed to impress investors.

U.S. crude oil prices settled $1.45 higher at $43.33 a barrel, bolstered by the biggest one-week drop in U.S. inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to Organization of the Petroleum Exporting Countries supply cuts.

The energy group rose 2.1 percent, with Suncor Energy Inc up 1.2 percent at C$43.63

The rally in energy stocks spilled over to other sectors of Canada's stock market, said Manash Goswami, portfolio manager at First Asset Investment Management Inc. "We are very much dependent on the energy economy here."

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent, as gold held above the previous day's eight-week low.   Continued...