CANADA STOCKS-TSX rises as energy stocks boosted by oil's gain

Wed Oct 5, 2016 5:01pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX settles up 89.57 points, or 0.62 percent, at 14,610.58

* Six of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, Oct 5 (Reuters) - Canada's main stock index rose on Wednesday as higher oil prices boosted energy stocks, while the country's biggest railway companies and some of its major banks also gained as trade data offered further evidence of a third-quarter economic rebound.

Meanwhile, major gold miner Barrick Gold Corp jumped 3.3 percent to C$21.07 after its Veladero mine in Argentina resumed operations that were suspended on Sept. 15 after a processing solution containing cyanide spilled.

The energy group climbed 2.4 percent as oil prices hit their highest since June after the fifth unexpected weekly drawdown in U.S. crude inventories. That data added to support for oil on hopes that major producers will agree to cut output next month.

Canadian Natural Resources Ltd rose 2.1 percent to C$42.88 and Encana Corp gained 3.7 percent to C$14.42. Encana said it has made $50 million in cost savings in 2016 as it reacted to a two-year crude rout.

The Toronto Stock Exchange's S&P/TSX composite index settled up 89.57 points, or 0.62 percent, at 14,610.58. Six of its 10 main sectors rose.   Continued...