CANADA STOCKS-TSX rises as consumer discretionary stocks rally

Wed Jan 13, 2016 11:37am EST
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* TSX up 29.12 points, or 0.24 percent, to 12,403.02

* Seven of the TSX's 10 main groups rise

TORONTO Jan 13 (Reuters) - Canada's main stock index rose on Wednesday, led by consumer discretionary stocks, although earlier gains were pared as crude oil prices fluctuated.

The index rallied in early trade after positive Chinese trade data helped support oil prices. It followed a higher close on Tuesday, breaking a nine-session slump that had taken the index to its lowest since July 2013.

However, oil briefly reversed course after a rise in weekly U.S. crude inventories fed into bearish sentiment about the deepening global supply glut that has brought prices close to 12-year lows.

Energy stocks rose 0.2 percent, but gains were later pared.

U.S. crude prices were up 0.7 percent to $30.65 a barrel while Brent crude lost 0.8 percent to $30.62.

Shaw Communications Inc rallied more than 8 percent to C$25.36. The company said it would sell its media unit to Corus Entertainment Inc for C$2.65 billion ($1.9 billion), gaining funding for its Wind Mobile purchase.

Magna International Inc rose 4.6 percent to C$52.85 after the company said it expected sales in its auto parts manufacturing business to rise about 15.7 percent this year, helped by acquisitions.   Continued...