CANADA STOCKS-TSX rises as energy gains offset drag from BlackBerry

Fri Dec 19, 2014 11:00am EST
 
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TORONTO Dec 19 (Reuters) - Canada's main stock index rose for a fourth straight session on Friday as a jump in energy shares on a rebound in oil prices offset the drag from a fall in BlackBerry Ltd after the struggling smartphone maker reported quarterly results.

Brent crude oil rose above $60 a barrel, rallying from near a 5-1/2-year low as investors squared books ahead of the year-end holidays after six months of falling prices.

That helped lift shares of oil companies such as Cenovus Energy Inc , up 2.6 percent at C$23.35, and Canadian Natural Resources, which rose 0.8 percent to C$35.29.

"This may be the start of the end-of-year rally that we were expecting a little bit earlier in the month," said Bryden Teich, an associate at Avenue Investment Management.

"We've seen a bounce back in the last couple of days with oil holding at these levels."

The Toronto Stock Exchange's S&P/TSX composite index rose 80.16 points, or 0.56 percent, to 14,426.91.

BlackBerry Ltd shares fell 5.9 percent to C$10.98 after it reported a bigger-than-expected drop in third-quarter revenue, even as it eked out a small adjusted profit.

($1=$1.16 Canadian) (Reporting by Alastair Sharp and Jeffrey Hodgson; Editing by Peter Galloway)