CANADA STOCKS-TSX bounces higher on Suncor bid for Canadian Oil Sands
(Adds portfolio manager comment, updates prices to close)
* TSX ends up 212.46 points, or 1.59 percent, at 13,552.20
* Nine of the TSX's 10 main groups rise; healthcare falls
* Suncor's bid for Canadian Oil Sands boosts energy shares
By Alastair Sharp
TORONTO, Oct 5 (Reuters) - Canada's main stock index jumped on Monday, as shares of Canadian Oil Sands surged 55 percent on a hostile bid by Suncor Energy Inc, its rival and co-producer in the country's oil sands industry.
The Alberta oil sands are a leading source of U.S. crude imports, but slumping oil prices have squeezed producers in a region whose operating costs are among the world's highest.
"For a company with as strong a balance sheet as Suncor it's a good move to go after assets like that," said Bryden Teich, associate portfolio manager at Avenue Investment Management, a long-time Suncor shareholder.
He said the bid has a strong chance of succeeding, and that Imperial Oil may also take a look. A source familiar with the matter has said Canadian Oil Sands will reject the bid. Continued...