CANADA STOCKS-TSX climbs with oil shares, but BMO slips on results

Tue Dec 2, 2014 10:37am EST
 
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* TSX up 47.17 points, or 0.32 percent, at 14,672.49

* Six of the 10 main index sectors advance

* BMO drops 1.8 percent after reporting results

By John Tilak

TORONTO, Dec 2 (Reuters) - Canada's main stock index rose on Tuesday as a decline in Bank of Montreal shares after the lender's quarterly results disappointed the market was offset by strength in the oil and gas sector.

BMO shares shed 1.8 percent after the bank reported a weaker-than-expected fourth-quarter profit. The slide helped undercut other stocks in the benchmark index's financial sector.

Oil and gas shares shrugged off sharp movement in oil prices, which took a hit after a surge the previous session. Both oil prices and energy shares have declined significantly since the Organization of the Petroleum Exporting Countries decided last week not to cut production.

The index's energy sector has lost about a third of its value since the middle of June.

"After such a dramatic fall, there are people simply jumping on the trade and driving oil lower because there doesn't seem to be anything to support it," said Gavin Graham, chief strategy officer at Integris Pension Management Corp.   Continued...