CANADA STOCKS-Oil sands takeover bid helps TSX bounce higher

Mon Oct 5, 2015 10:44am EDT
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* TSX up 145.94 points, or 1.09 percent, at 13,485.68

* Nine of the TSX's 10 main groups rise

* Suncor's bid for Canadian Oil Sands boosts energy shares

TORONTO, Oct 5 (Reuters) - Canada's main stock index jumped on Monday, with Canadian Oil Sands catapulting 47 percent higher on Suncor Energy Inc's hostile C$4.3 billion ($3.3 billion) bid for its rival and co-producer in the country's oil sands industry.

The push higher in Canadian Oil Sands stock - to C$9.06, higher than the all-stock offer value of C$8.84 a share - carried the overall energy group up 2.8 percent.

The Toronto Stock Exchange's S&P/TSX composite index was up 145.94 points, or 1.09 percent, at 13,485.68 by 10:11 a.m. (1411 GMT). There were 13 advancing issues for every decliner, with six new 52-week highs and no new lows.

Suncor slipped 2.3 percent to C$34.57.

Nine of the index's 10 main sectors were higher, with healthcare bucking the trend with a 1.2 percent slip. Heavyweight Valeant Pharmaceuticals fell 7.8 percent to C$220.96 amid heavy criticism of its pricing practices.

Other major energy gainers included Canadian Natural Resources Ltd, which rose 4.9 percent to C$27.37, and Crescent Point Energy Corp advanced 4.8 percent to C$17.33.   Continued...