CANADA STOCKS-Oil price jump pushes resource-rich TSX higher

Wed Apr 15, 2015 4:51pm EDT
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(Adds fund manager comment, updates prices to close)

* TSX ends up 61.59 points, or 0.40 percent, at 15,450.87

* Energy companies rise as oil prices rally

By Alastair Sharp

TORONTO, April 15 (Reuters) - A surge in the price of oil helped Canada's main stock index gain on Wednesday, as its weighty oil and gas companies rose.

During the session, the Toronto Stock Exchange's S&P/TSX composite index hit a fresh seven-month high, although it later pared those advances to finish up 0.4 percent.

"The TSX is taking its cue from what's going on in crude oil," said Shailesh Kshatriya, an associate director for client strategies for Russell Investments Canada.

U.S. crude jumped nearly 6 percent to a 2015 high after U.S. inventory data came in lighter than expected.

But Kshatriya warned that just as the Canadian index can rise on the fortunes of its energy industry, which accounts for more than 20 percent of its weight, so too can it fall.   Continued...