CANADA STOCKS-TSX rises, led by energy stocks as oil rallies

Mon Feb 22, 2016 5:09pm EST
 
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(Adds portfolio manager quote, details on consumer discretionary and financial stocks, updates prices)

* TSX closed up 32.23 points, or 0.25 percent, at 12,845.63

* Eight of TSX's 10 main groups ended higher

TORONTO, Feb 22 (Reuters) - Canada's main stock index rose on Monday as energy shares rallied on a jump in oil prices, although gains were pared as the healthcare sector slumped and bank stocks reversed course ahead of quarterly earnings this week.

The index touched its highest since the start of the year before losing some momentum and surrendering some recent outperformance against U.S. markets.

It has fallen 1.3 percent year-to-date compared with a 4.8 percent drop for the S&P 500.

The market paused ahead of bank earnings this week and "to see whether oil is going to continue upward," said Irwin Michael, portfolio manager at ABC Funds.

Major oil sands operator Suncor Energy Inc gained 3.1 percent to C$33.89 and Canadian Natural Resources rose 2.7 percent to C$28.84, while the overall energy group climbed 2.8 percent.

Oil markets settled up as much as 6 percent as speculation about falling U.S. shale output and a rally in equities fed the notion that crude prices may be bottoming after a 20-month collapse.   Continued...