CANADA STOCKS-TSX rises in choppy trading; energy bounce offsets poor earnings

Thu Jul 30, 2015 11:31am EDT
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(Updates throughout with analyst comment, market reaction, details on earnings)

* TSX up 68.36 points, or 0.48 percent, to 14,370.16

* Seven of the TSX's 10 main groups were up

By Solarina Ho

TORONTO, July 30 (Reuters) - Canada's main stock index was higher in extremely choppy trading on Thursday as a solid rebound in energy stocks due to bargain hunting and oil prices bouncing off recent lows offset disappointing earnings.

Among the most influential movers on the index were Suncor Energy Inc, which rose 5.57 percent to C$36.55, and Canadian Natural Resources, which advanced 2.5 percent to C$31.52. The hefty energy sector climbed 3.1 percent.

A larger-than-expected draw in U.S. crude and gasoline stocks as well as data that showed a decline in U.S. oil production helped oil prices steady after they had fallen to near six-month lows in recent sessions.

Some of the energy names, such as Suncor and independent oil producer Cenovus Energy Inc, also did not react as expected following their earnings reports, said Colin Cieszynski, Senior market analyst at CMC Markets Canada.

Cenovus shares climbed 2.9 percent to C$19.15 despite the company slashing its quarterly dividend by 40 percent and announcing another round of job cuts.   Continued...