CANADA STOCKS-TSX rises to near 6-month high as oil rallies

Wed Apr 20, 2016 5:05pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager comments, details on Manulife and gold stocks, updates prices)

* TSX closed up 44.01 points, or 0.32 percent, at 13,911.29

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

By Fergal Smith

TORONTO, April 20 (Reuters) - Canada's main stock index rose on Wednesday to a near six-month high, led by financial sector and energy stocks after oil turned higher.

The index has rallied more than 20 percent since hitting a near 3-1/2-year low in January, a threshold considered by some as indicative of a bull market. However, its September 2014 peak at 15,685.13 remains well out of view.

"When oil is stronger, foreign investors consider increasing their weight in Canada, so they are not only buying energy stocks they are buying the whole market," said Steve Belisle, portfolio manager at Manulife Asset Management.

The heavyweight financial services group rose 0.9 percent. It included a 1.4 percent advance in the shares of Bank of Nova Scotia to C$65.23, while Manulife Financial Corp was up 2.8 percent at C$19.13.

The energy group rose 0.3 percent, led by a 3.3 percent gain for Cenovus Energy Inc to C$18.56.   Continued...