CANADA STOCKS-Oil prices push TSX higher as rising yields aid financials

Wed Jun 10, 2015 4:51pm EDT
 
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(Adds details and comment; updates prices to close)

* TSX closes up 71.33 points, or 0.48 percent, at 14,889.04

* Energy and banking shares lead rise

TORONTO, June 10 (Reuters) - Canada's main stock index finished higher on Wednesday as oil and gas shares rallied on stronger crude prices, while financial stocks gained on higher bond yields.

Nine of the top 10 most influential movers on the index were oil and gas or financial companies.

The Toronto Stock Exchange's S&P/TSX composite index ended up 71.33 points, or 0.48 percent, at 14,889.04. Eight of the index's 10 main sectors rose, with advancers outnumbering decliners by about 3.4-to-1.

"Energy is really doing the bulk of the lifting in today's market," said Allan Small, a senior investment adviser at Holliswealth.

Among the most heavily weighted movers were pipeline company TransCanada Corp, which rose 2.6 percent to C$52.05, and Suncor Energy Inc, which advanced 1 percent to C$36.23.

The index's energy group climbed 1.3 percent as oil prices jumped on a drawdown in U.S. inventories that boosted the outlook for summer fuel demand. U.S. crude prices settled up $1.29, or 2.1 percent, at $61.43 a barrel, while Brent crude settled up 82 cents, or 1.3 percent at $65.70.   Continued...