CANADA STOCKS-TSX pushed higher by resource stocks as oil, gold gain

Mon Apr 6, 2015 4:46pm EDT
 
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(Adds fund manager comment, updates prices to close)

* TSX ends up 74.03 points, or 0.49 percent, at 15,100.65

* Six of the index's 10 main groups rise

By Alastair Sharp

TORONTO, April 6 (Reuters) - Canada's main stock index gained half a percent on Monday as a jump in the prices of crude oil and gold helped oil and gas stocks and mining issues finish higher.

Energy stocks gained almost 2 percent, rising in tandem with a surge in crude prices, which rose after Saudi Arabia hiked its oil prices for Asia for a second month in a row and as U.S inventories data showed barely a rise last week.

Canadian Natural Resources added 2.4 percent to C$40.25 and Enbridge Inc rose 1.2 percent to C$61.39. Crescent Point Energy Co climbed 3.2 percent to C$30.80.

But one fund manager said that while some energy names, such as Crescent Point, Suncor Energy Inc and Teck Resources Ltd, should be attractive for patient investors, choppy trading will likely continue.

"It's a little unwise to chase some of the stocks in those sectors because they will continue to be volatile going forward," said Elvis Picardo, strategist at Global Securities in Vancouver.   Continued...