3 Min Read
(Adds strategist's comment, updated prices)
* TSX up 20.38 points, or 0.14 percent, at 14,763.71
* Oil and gas shares lead gainers, but most sectors slip
By Alastair Sharp
TORONTO, June 9 (Reuters) - Canada's main stock index rose on Tuesday after a three-session drop as a jump in oil prices pushed up energy shares in a market that otherwise continued to slump.
Telecom and cable companies, supermarket chains, airlines, healthcare and industrial names were all lower in morning trading following a drop in Asian markets.
The Toronto Stock Exchange's S&P/TSX composite index , however, was up 20.38 points, or 0.14 percent, at 14,763.71 at 10:46 a.m. EDT (1446 GMT). Seven of its 10 main sectors were lower.
Oil prices rose more than 3 percent, with Brent touching $65 a barrel as higher seasonal demand in developed economies and expectations of falling U.S. shale production reduced the impact of a large global supply overhang.
U.S. crude prices were up 3.4 percent at $60.13, while Brent crude added 3.7 percent to $65.
Suncor Energy Inc rose 1.6 percent to C$35.63, Canadian Natural Resources Ltd added 1.8 percent to C$37.22, and Enbridge Inc moved 0.9 percent higher to C$56.80.
"When energy is up in a meaningful way it benefits the sector at the expense of others, and vice versa," said Shailesh Kshatriya, director of Canadian strategies at Russell Investments. "Overall we remain cautious on the outlook for Canadian equities as oil seems to be hitting a wall around the $60 mark, despite today's spike."
The most influential movers on the index included the country's largest telecom, BCE Inc, which fell 1 percent to C$53.83, and Canadian Pacific Railway Ltd, which declined 0.9 percent to C$203.25.
The industrials group slipped 0.4 percent, while the consumer discretionary group retreated 0.8 percent.
Among miners, First Quantum Minerals Ltd jumped 3.9 percent to C$17.59.
Declining issues outnumbered advancing ones on the TSX by 128 to 111 for a 1.15-to-1 ratio on the downside.
The index tumbled 1.4 percent on Monday, its third straight fall and the sharpest selloff in almost three months, with across-the-board declines led by resource and financial stocks.
$1=$1.23 Canadian Editing by Peter Galloway