CANADA STOCKS-TSX posts 4th day of gains on oil price rise, ECB plans

Tue Oct 21, 2014 4:48pm EDT
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* TSX up 209.94 points, or 1.46 percent, at 14,547.71
    * All of the 10 main index sectors advance
    * CP Rail climbs after reporting quarterly results

    By John Tilak
    TORONTO, Oct 21 (Reuters) - Canada's main stock index
recorded its fourth straight session of gains on Tuesday with
higher oil prices lifting shares of energy producers and the
likelihood of new European Central Bank  stimulus measures
bolstering sentiment.
    The ECB is considering buying corporate bonds on the
secondary market and may decide on the matter as soon as
December with a view to beginning purchases early next year,
several sources familiar with the situation told Reuters.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 209.94 points, or 1.46 percent, at
    The benchmark TSX has rebounded 6.6 percent since reaching
an eight-month low last week. It hit a one-week high on Tuesday.
    "It's really a stimulus-driven rally today," said Youssef
Zohny, portfolio manager at Stenner Investment Partners of
Richardson GMP Ltd, which manages about C$28.3 billion in
    "We expect the market to be very volatile in the coming
months, and we'll see volatility both ways," he said. 
    Still, Zohny expects the TSX to outperform the U.S. market.
    All of the 10 main sectors on the index were higher on
    Shares of energy producers jumped 2.1 percent. Canadian
Natural Resources Ltd added 2.2 percent to C$39.09, and
Suncor Energy Inc climbed 2 percent to C$38.86.
    The materials sector, which includes mining stocks, advanced
0.4 percent, supported by a rally in copper prices. Teck
Resources Ltd rose 3.1 percent to C$18.07, and First
Quantum Minerals Ltd was up 5.6 percent at C$19.80.
    Canadian Pacific Railway Ltd gained 1.3 percent to
C$224.58. It reported higher third-quarter earnings and revenue
but the results fell short of analysts' expectations. 
    ($1=$1.12 Canadian)

 (Editing by Jeffrey Benkoe; and Peter Galloway)