CANADA STOCKS-TSX rises to 11-month high, led by financials

Wed Jul 20, 2016 11:30am EDT
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(Adds details throughout on stocks and sectors, updates prices)

* TSX up 31.07 points, or 0.21 percent, at 14,555.68

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

TORONTO, July 20 (Reuters) - Canada's main stock index set an 11-month high on Wednesday as oil prices turned higher and financial and energy shares advanced, offsetting losses for gold stocks as the precious metal fell.

Financials rose 0.6 percent, including a 0.7 percent gain for Royal Bank of Canada to C$80.49.

Brookfield Asset Management Inc rose 0.6 percent to C$45.90. The company plans to invest about $1 billion in Indian distressed assets through a joint venture with the largest lender in the South Asian nation.

Industrials advanced 0.7 percent, led by railroad stocks. Canadian Pacific Railway Ltd reported lower second-quarter earnings as volumes dropped, and it said its chief executive officer would step down next July while remaining as an adviser. Still, its shares gained 0.9 percent to C$187.74.

The energy group was up 0.6 percent as oil turned higher after weekly U.S. inventory data revealed a slightly larger-than-anticipated drawdown. U.S. crude futures rose 0.5 percent to $44.89.

Enbridge Inc fell 0.1 percent to C$54.53. The U.S. Justice Department and Environmental Protection Agency will fine the company $62 million for a 2010 oil spill that released crude into the Kalamazoo River in Michigan, a TV station in the state reported on Wednesday, citing a source.   Continued...