CANADA STOCKS-TSX's energy stocks, buoyed by oil prices, add to 9-month high

Tue Jun 7, 2016 5:11pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds strategist comment, updates prices to close)

* TSX ends up 89.45 points, or 0.63 percent, at 14,365.61

* Seven of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, June 7 (Reuters) - Canada's main stock index extended its recent run to a more than nine-month high on Tuesday as oil and gas stocks jumped with buoyant crude prices and heavyweight financial stocks also rose.

Oil prices hit 2016 highs, with U.S. crude settling above $50 for the first time in almost a year, helping Canada's heavyweight energy sector notch a 3 percent gain.

Overall, the Toronto Stock Exchange's S&P/TSX composite index closed up 89.45 points, or 0.63 percent, at 14,365.61, its highest since mid-August.

Canadian Natural Resources Ltd gained 4.2 percent to C$40.01 and Suncor Energy Inc added 1.9 percent to C$36.50 while pipeline operator Enbridge Inc advanced 1.3 percent to C$54.49.

"My view is that we can see oil continuing to provide a lift to the TSX, but I don't think it's going to be smooth between now and the end of the year," said Philip Petursson, chief investment strategist at Manulife Investments.   Continued...