CANADA STOCKS-TSX rises, led by energy stocks and Valeant

Wed Apr 6, 2016 5:19pm EDT
 
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(Adds portfolio manager quote, details on consumer staples, updates prices)

* TSX closes up 42.8 points, or 0.32 percent, at 13,347.46

* Five of TSX's 10 main groups end higher

By Fergal Smith

TORONTO, April 6 (Reuters) - Canada's main stock index rose on Wednesday, led by energy stocks as oil prices rallied and helped by a sharp rise in the shares of drugmaker Valeant.

The index has rallied more than 15 percent after hitting an almost 3-1/2-year low in January but has been unable to sustain moves since mid-March above its 200-day moving average as a rally in commodity prices lost momentum.

Energy stocks have responded to the rally in oil after the recent pullback in crude had left investors nervous, said John Kinsey, a portfolio manager at Caldwell Securities.

U.S. crude prices settled at $37.75 a barrel, up 5.2 percent, after the U.S. government reported a surprise draw in domestic crude stockpiles versus market expectations for a record high.

The energy group rose more than 3 percent, including a near 5 percent rise in the shares of Canadian Natural Resources Ltd to C$35.00.   Continued...