February 26, 2016 / 3:43 PM / a year ago

CANADA STOCKS-TSX up as oil boosts energy shares; Magna jumps

2 Min Read

(Adds details, updates prices)

* TSX rises 85.74 points, or 0.67 percent, to 12,839.34

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

TORONTO, Feb 26 (Reuters) - Canada's main stock index rose on Friday as energy shares were boosted by oil hitting a seven-week high and car parts maker Magna International Inc jumped after reporting healthy demand in Europe and North America.

The energy group climbed 3.0 percent as strong U.S. gasoline demand and supply disruptions outweighed concerns about a fundamental oil glut.

The most influential movers on the index included Canadian Natural Resources, which rebounded 5.7 percent to C$28.29 one day after the oil company's debt was downgraded by Moody's.

Suncor advanced 1.4 percent to C$33.83 and pipeline company Enbridge Inc added 2 percent to C$46.50.

At 10:22 a.m. EST (1522 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 85.74 points, or 0.67 percent, at 12,839.34.

Seven of the index's 10 main groups were in positive territory, with gainers outnumbering decliners by more than 2-to-1.

Magna rose 6.6 percent to C$51.28, as it reported quarterly sales growth, excluding a roughly $770 million hit from a strong U.S. dollar.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent.

Gold futures fell 1 percent to $1,225.5 an ounce and copper prices advanced 2.1 percent to $4,697.5 a tonne.

Teck Resources Ltd jumped 7.4 percent to C$8.24 after several days of sharp falls following a management shakeup.

The financials group gained 0.3 percent while industrials rose 0.6 percent.

U.S. crude prices were up 2.4 percent to $33.86 a barrel, while Brent crude added 3.2 percent to $36.41. (Reporting by Alastair Sharp; Editing by Andrea Ricci)

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