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

Thu May 5, 2016 10:43am EDT
 
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(Adds details throughout on stocks, sectors and wildfire, updates prices)

* TSX up 85.04 points, or 0.62 percent, to 13,717.04

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

TORONTO, May 5 (Reuters) - Canada's main stock index rose on Thursday, snapping a three-day losing streak as higher oil prices supported energy stocks, while gold stocks also rallied.

Gains for the index come one day after it fell to a two-week low of 13,570.02 as a wildfire cut production in Canada's oil sands region. Austrian consultancy JBC Energy estimated that some 500,000 barrels per day of capacity was offline.

The wildfire has grown to five times its initial size. However, the weather forecast has called for lower temperatures and possible rain, offering hope that controlling the blaze could become easier.

The most influential movers on the index included Canadian Natural Resources, which rose 2.2 percent to C$36.74, and Cenovus Energy, which advanced 4.5 percent to C$19.72. The overall energy group was up 2.5 percent.

U.S. crude prices rose 3.6 percent to $45.34 a barrel as Canada's production cuts and escalating tensions in Libya sparked concern among investors over a near-term supply shortage.

Barrick Gold Corp rallied 3.2 percent to C$23.20, while Goldcorp Inc was up 2.15 percent at C$24.26.   Continued...