CANADA STOCKS-TSX climbs to 11-day high as oil rallies

Tue Mar 28, 2017 12:37pm EDT
 
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(Updates prices)

* TSX rises 53.01 points, or 0.34 percent, to 15,559.23

* Index touches its highest intraday since March 17 at 15,583.52

* Six of the TSX's 10 main groups gain

TORONTO, March 28 (Reuters) - Canada's main stock index rose on Tuesday to an 11-day peak as higher oil prices drove gains in heavyweight energy shares, offsetting losses for gold miners.

At 10:49 a.m. ET (1449 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 53.01 points, or 0.34 percent, to 15,559.23. It touched its highest intraday level since March 17 at 15,583.52.

The index has rebounded more than 2 percent from a three-month low last week at 15,241.55, helped by Canada's government holding off from increased taxes on investors in its budget.

A severe disruption to Libyan oil supplies and comments from officials suggesting the Organization of the Petroleum Exporting Countries could extend its production cuts deal to the end of the year boosted oil prices.

U.S. crude prices were up 1.2 percent at $48.28 a barrel, and the energy group gained 0.6 percent, led by a nearly 1 percent rise in the shares of pipeline company Enbridge Inc to C$55.66.   Continued...