August 15, 2016 / 2:37 PM / a year ago

CANADA STOCKS-TSX rises as oil gains help energy stocks

2 Min Read

(Adds details on stocks and sectors, updates prices)

* TSX up 38.81 points, or 0.26 percent, to 14,786.26

* Seven of the TSX's 10 main groups move higher

TORONTO, Aug 15 (Reuters) - Canada's main stock index rose on Monday as energy stocks benefited from higher oil prices and Valeant Pharmaceuticals International Inc gained after an analyst upgrade.

The most influential gainers also included the index's two big railway stocks, with Canadian Pacific Railway Ltd up 0.9 percent to C$192.93 and rival Canadian National Railway Co adding 0.4 percent to C$82.16.

At 10:24 a.m. EDT (1424 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 38.81 points, or 0.26 percent, to 14,786.26.

Seven of the index's 10 main groups were in positive territory, with two advancers for every decliner.

The energy group climbed 0.9 percent, with oil touching its highest level in nearly a month as speculation intensified about potential producer action to support prices in an oversupplied market.

Suncor Energy Inc advanced 1 percent to C$36.81, and Encana Corp added 1.5 percent to C$12.36.

Drug maker Valeant gained 5.2 percent to C$34, as Mizuho upgraded its recommendation on the stock to "neutral". The stock had jumped and then plunged last week after announcing a strategic overhaul before a report it is the subject of a criminal probe.

The heavyweight financials group was barely lower, while industrials rose 0.6 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent.

U.S. crude prices were up 1.5 percent to $45.14 a barrel, while Brent added 1.5 percent to $47.67.

Gold and copper prices were little changed. Su.t (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below