CANADA STOCKS-TSX rallies for fifth day as energy stocks surge

Thu Oct 8, 2015 5:04pm EDT
 
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(Adds investment strategist comment, Fed minutes, updates prices to close)

* TSX ends up 110.31 points, or 0.8 pct, to 13,978.66

* Six of the TSX's 10 main groups rise

By Leah Schnurr

OTTAWA, Oct 8 (Reuters) - Canada's main stock index extended its rally to a fifth consecutive day on Thursday, lifted by solid gains in energy shares as oil prices hit a three-month high.

Momentum on Bay Street picked up in the afternoon, helped by minutes from the U.S. Federal Reserve that showed the central bank thought the economy was close to warranting an interest rate hike in September but policymakers decided to wait.

But energy stocks provided the biggest lift, with the sector up 3.4 percent as the price of oil was lifted by a forecast that prices would climb to $75 a barrel over the next two years.

Crude prices settled up $1.62 at $49.43 a barrel. Suncor Energy Inc pulled the most weight on the positive side, climbing 4.8 percent to C$37.16, while Canadian Natural Resources rose 3 percent to C$32.17.

"Oil's up, and the momentum's definitely being generated by the oil sector," said Allan Small, a senior investment advisor at HollisWealth.   Continued...