CANADA STOCKS-TSX rises in broad rally, Bombardier surges

Wed Feb 17, 2016 11:07am EST
 
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(Updates prices)

* TSX up 188.58 points, or 1.5 percent, at 12,743.56

* Nine of the TSX's 10 main groups rise

TORONTO, Feb 17 (Reuters) - Canada's main stock index rose on Wednesday, helped by higher prices for oil and other commodities and by a surge in shares of Bombardier after the planemaker said Air Canada planned to buy 75 of its CSeries jets.

Bombardier advanced 15.6 percent to C$1.04. The company also said it would slash its workforce by about 7,000 over the next two years, with new hiring focused on the CSeries commercial jet program.

Air Canada declined 9.9 percent to C$7.58. It reported a widening net loss and said its costs would fall this year if the Canadian dollar remains unchanged for 2015 levels.

The financials group gained 1.1 percent, extending a rally after falling sharply earlier in the month.

Brookfield Asset Management Inc advanced 2.7 percent to C$42.35. The infrastructure investor is planning a fresh $6.4 billion bid for Australian port and rail firm Asciano with Qatar's sovereign fund, two sources told Reuters.

At 10:41 a.m. EST (1541 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 188.58 points, or 1.5 percent, at 12,743.56.   Continued...