November 30, 2015 / 11:05 PM / 2 years ago

CANADA STOCKS-TSX rises on gains for resource stocks, financials

3 Min Read

(Adds portfolio manager quotes, updates prices, adds details)

* TSX ends up 101.59 points, or 0.76 percent, at 13,469.83

* Eight of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, Nov 30 (Reuters) - Canada's main stock index rallied on Monday, led by strength in resource stocks and as financials rose ahead of bank earnings reports this week but the index lost 0.4 percent in November.

The market saw some month-end rebalancing, according to Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP in Vancouver.

The Toronto Stock Exchange's S&P/TSX composite index closed up 101.59 points, or 0.76 percent, at 13,469.83, with eight of the index's 10 main groups in positive territory.

The energy group rallied 1.5 percent despite U.S. crude oil prices unwinding earlier gains to close lower on the day.

Suncor Energy Inc rose 2.5 percent to C$36.90. After the close, the Alberta Securities Commission said shareholders in Canadian Oil Sands should have until Jan. 4, 2016 to consider Suncor's hostile takeover bid.

Canadian Oil Sands gained 2.8 percent to C$8.56, while Canadian Natural Resources added 1.8 percent at C$32.34.

The materials sector advanced 2.4 percent, helped by firming in the price of gold and gains for fertilizer stocks.

Potash Corp rose 3.6 percent to C$27.03, while Agrium Inc was up 2.8 percent at C$131.84 and Barrick Gold Corp was up 3.8 percent at C$9.83.

The index moved back in reach of the Nov. 20 peak at 13,514.77, the top of the recent consolidation pattern, and could move higher if commodity prices stabilize, Zohny said.

He added that pending economic data and potential rate hikes from the U.S. Federal Reserve could feed market volatility over the next couple of months.

Financials firmed 0.4 percent ahead of fourth-quarter results from Bank of Nova Scotia and Bank of Montreal on Tuesday.

It included a 1.1 percent gain for Royal Bank of Canada to C$76.08 and a 0.8 percent gain for Manulife Financial Corp to C$21.98.

BlackBerry Ltd shares rose 2.0 percent to C$10.62. The company delayed a possible shutdown in Pakistan as talks with authorities continued over access to customer data.

Valeant Pharmaceuticals International Inc added 4.5 percent to C$120.35.

Convenience store operator Alimentation Couche-Tard Inc was a drag, falling 1.5 percent to C$60.88.

U.S. crude prices settled at $41.65 a barrel, down 0.14 percent, while Brent crude lost 0.7 percent to $44.55.

Gold futures rose 0.9 percent to $1,064.7 an ounce. (Additional reporting by Alastair Sharp; Editing by Bernadette Baum and Lisa Shumaker)

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