CANADA STOCKS-TSX rises as higher oil price boosts energy producers

Mon Nov 10, 2014 10:38am EST
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* TSX up 30.57 points, or 0.21 percent, at 14,721.40
    * Energy, bank stocks lead rise, gold miners weigh

    By Alastair Sharp and John Tilak
    TORONTO, Nov 10 (Reuters) - Canada's main stock index rose
on Monday as heavyweight energy producers were boosted by higher
oil prices and financial stocks also gained, offsetting falls in
major gold miners as bullion slipped.
    Fighting in Libya and Ukraine and a slip in the U.S. dollar
helped Brent crude prices rise by $1 a barrel. 
    That helped companies such as Canadian Natural Resources
, which added 0.9 percent to C$41.20, and TransCanada
Corp, up 0.5 percent at C$56.30.
    "The energy stocks are really the flavor of the day," said
John Ing, president of Maison Placements Canada. "The rebound in
oil and natural gas prices has given the group a little bit of
an impetus. The group is very much technically oversold, so a
bounce is not unexpected."
    Oil prices have fallen by almost 30 percent since June amid
strong supply and weak global demand growth.
    BlackBerry gained 5.5 percent to C$12.60. The technology
company's CEO told Reuters that it has completed the first phase
of its two-year turnaround plan, is focused on profitability,
and will not spread itself thin by attempting to launch too many
new devices. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was trading up 30.57 points, or 0.21 percent, at
14,721.40 by mid-morning.
    On the negative side, a 1 percent slip in the price of gold
flowed through to major miners, with Barrick Gold Corp 
down 3 percent at C$13.39 and Goldcorp Inc off 1.7
percent at C$22.28.
    Bank stocks helped support the gains, with Toronto-Dominion
Bank added 0.6 percent to C$56.15 and Bank of Nova Scotia up 0.7
percent at C$67.94.

 (Reporting by Alastair Sharp)