CANADA STOCKS-TSX rises, led by energy and financials as oil ends higher

Thu Jun 2, 2016 4:59pm EDT
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(Adds portfolio manager quotes, details on index performance, updates prices)

* TSX closes up 73.45 points, or 0.52 percent, at 14,136.99

* Nine of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, June 2 (Reuters) - Canada's main stock index rose on Thursday, led by energy and financial stocks as oil settled higher after a U.S. crude draw offset disappointment that some major producers did not restrain output.

The index broke a string of three straight lower closes, moving back in sight of a nine-month high reached on Tuesday at 14,172.35. It has rallied more than 22 percent from an almost 3-1/2-year low of 11,531.22 in January.

Oil rose after data showing a weekly drawdown in U.S. crude stockpiles offset a decision by the Organization of the Petroleum Exporting Countries not to set a production ceiling. U.S. crude oil futures settled up 16 cents at $49.17 a barrel.

"The summer driving season is starting to get rolling here," while lower oil production in the U.S. and Canada will also help reduce a supply overhang, said John Kinsey, a portfolio manager at Caldwell Securities.

The energy group rose 1.1 percent, led by a 1.7 percent advance in the shares of Suncor Energy Inc to C$35.96.   Continued...