CANADA STOCKS-TSX rebounds as U.S. data, energy shares support

Thu Dec 11, 2014 11:19am EST
 
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* TSX up 166.43 points, or 1.2 percent, at 14,019.38

* Nine of 10 main index sectors advance

* Energy shares climb 2 percent

By John Tilak

TORONTO, Dec 11 (Reuters) - Canada's main stock index advanced on Thursday as bullish U.S. economic data lifted confidence in equities and shares of energy companies rebounded after a brutal selloff in the previous session.

Figures showed higher U.S. consumer spending in November, helped by lower gasoline prices.

The energy sector has been a factor in the Canadian equity market's recent moves, including a 2.4 percent drop on Wednesday. Energy shares have fallen about 41 percent since mid-June.

Oil prices remained volatile on Thursday, initially nearing a five-year low before recovering to trade higher. They have been hit by concerns that supplies of the commodity were increasingly outweighing demand.

"You've got a bounce with the energy stocks after days of gloomy news, though it's probably more bargain hunting than anything else," said John Ing, president of Maison Placements Canada. "Our view is we're still heading for further weakness in energy prices.   Continued...