CANADA STOCKS-TSX hits one-week high as energy shares rebound

Fri Oct 17, 2014 10:53am EDT
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* TSX up 211.15 points, or 1.5 percent, at 14,264.12
    * Eight of the 10 main index sectors advance
    * Energy shares climb with oil price

    By John Tilak
    TORONTO, Oct 17 (Reuters) - Canada's main stock index jumped
to its highest level in a week on Friday as positive U.S.
economic data and a rise in oil prices helped revive the
battered energy sector.
    Data showing that U.S. housing starts and permits rose in
September signaled the U.S. economic recovery might be on track.
    Stock markets have been in a corrective phase over the past
month, weighed on by worries over global economic growth, oil
demand and the direction of U.S. Federal Reserve policy. 
    The Toronto stock market's energy group, which was hit
hardest by the recent carnage, rebounded for a second straight
session, jumping more than 3 percent on Friday.
    Investors appeared to be subscribing to a perception that
some sectors fell too steeply in the selloff, making their
valuations more appealing. 
    "We're seeing oil prices move close to a bottom," said
Philip Petursson, managing director, portfolio advisory group,
at Manulife Asset Management. 
    "Oil is oversold and oil stocks are oversold as well," he
said. "They represent an attractive value and opportunity." 
    "I don't think the U.S. economy will pull the rest of the
world out, but it will remain the center of strength," Petursson
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 211.15 points, or 1.5 percent, at 14,264.12.
Eight of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 1.7 percent. Toronto-Dominion Bank advanced 2.2
percent to C$53.20, and Bank of Nova Scotia added 1.9
percent to C$67.10.
    Shares of energy producers were helped by higher oil prices.
Canadian Natural Resources Ltd rose 4.1 percent to
C$39.12, and Suncor Energy Inc gained 2.8 percent to
    ($1=$1.12 Canadian)

 (Editing by Peter Galloway)