May 11, 2016 / 3:17 PM / a year ago

CANADA STOCKS-TSX edges higher, led by energy and financials as oil turns higher

3 Min Read

(Adds details throughout on stocks and sectors, updates prices)

* TSX up 23.32 points, or 0.17 percent, to 13,798.51

* Index touched its highest since May 3 of 13,829.73.

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

TORONTO, May 11 (Reuters) - Canada's main stock index rose to a one-week high on Wednesday, led by energy and financial stocks as oil turned higher after the release of weekly inventory data.

Financials rose 0.4 percent, including a nearly 2 percent advance in the shares of Sun Life Financial Inc to C$43.65.

The company reported a 13 percent increase in underlying net income in the first quarter, exceeding estimates as it benefited from strong growth in the United States and Canada.

Oil prices turned positive after government data showed a surprise U.S. crude stock draw. U.S. crude prices rose 1.8 percent to $45.47 a barrel.

Encana Corp rose 8.1 percent to C$8.55, while Cenovus Energy Inc rose 1.4 percent to C$18.99 and the overall energy group gained 1 percent.

Market participants are closely watching for the prospect of further restarts by Canadian oil sands producers near wildfire-ravaged Fort McMurray as some companies began slowly bringing operations back online.

At 11:02 a.m. EDT (1502 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 23.32 points, or 0.17 percent, to 13,798.51. It touched its highest since May 3 of 13,829.73.

Six of the index's 10 main groups were higher.

The index on Tuesday scored its largest gain since mid-February as oil rose. It has rallied nearly 20 percent since hitting an almost 3-1/2-year low in January but has been unable to climb back above the 14,000 threshold.

Canada's InnVest Real Estate Investment said that it has entered into an agreement to be bought by Bluesky Hotels and Resorts. Its shares jumped nearly 29 percent to C$7.06.

Industrials lost 0.7 percent as railway stocks dragged, while the materials group, which includes precious and base metals miners and fertilizer companies, fell 0.3 percent.

The shares of Kinross Gold Corp fell 4.8 percent to C$6.81. The company reported lower-than-expected quarterly revenue as the world's fifth-biggest gold miner struggled with lower realized gold prices. (Reporting by Fergal Smith; Editing by James Dalgleish)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below