CANADA STOCKS-TSX rises as energy stocks bounce

Thu Jan 21, 2016 10:56am EST
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(Updates prices)

* TSX up 29.38 points, or 0.25 percent, at 11,872.49.

* Seven of the TSX's 10 main groups were higher

TORONTO, Jan 21 (Reuters) - Canada's main stock index gained in morning trade on Thursday as energy stocks rebounded from a recent slump even as crude oil prices sat near 12-year lows.

Banks also rose, while miners and railways weighed.

At 10:32 a.m. EST (1532 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 29.38 points, or 0.25 percent, at 11,872.49. Seven of its 10 main groups were higher.

The index hit its lowest level since August 2012 on Wednesday.

Depressed crude oil prices have weighed on the resource-linked market, including fears that Canadian banks will take a hit to profit in 2016, as more corporate loans sour, oil and gas capital raising dries up and job losses take a toll on banks' consumer arms.

The most influential drags on Thursday were the railways, with Canadian Pacific Railway Ltd falling 4.4 percent to C$144.52 after it missed profit expectations on lower freight volumes.   Continued...