CANADA STOCKS-TSX climbs as ECB stimulus, oil prices support

Thu Oct 22, 2015 4:46pm EDT
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* TSX up 173.92 points, or 1.27 percent, at 13,878.11

* All of the TSX's 10 main groups are higher

Oct 22 (Reuters) - Canada's main stock index rose on Thursday as news of a potential monetary stimulus initiative in Europe and higher oil prices supported gains in every major sector.

The European Central Bank said it would be open to more interest rate cuts in order to stimulate the economy.

Investors were also weighing the start of earnings reporting season with results from companies including Teck Resources and Rogers Communications.

However, Valeant Pharmaceuticals International Inc continued to fall, losing 6.6 percent to C$144.05, following a sharp decline in the previous session. An influential short-seller on Wednesday accused the company of using specialty pharmacies to inflate its revenue, which the drugmaker denied.

But the energy sector helped keep Bay Street stocks in positive territory, rising 1.9 percent as the price of oil recovered as investors re-thought data that showed falling stockpiles of fuel products.

Financial stocks also buoyed the market, rising 1.2 percent. The energy and financial sectors were the two biggest influences on the index.

"It's been a big turnaround in sentiment," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver, who said he was concerned about the market's dependence on stimulus moves.   Continued...