CANADA STOCKS-TSX rallies as commodity prices drive energy, mining stock gains

Tue Jan 26, 2016 4:49pm EST
 
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(Adds analyst quotes, details on background, updates prices)

* TSX up 188.16 points, or 1.55 percent, at 12,331.32

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

By Fergal Smith

TORONTO, Jan 26 (Reuters) - Canada's main stock index rose on Tuesday as shares in energy companies and banks were helped higher by a recovery in the price of oil to above $31 a barrel, while a 12-week high for the price of gold helped lift mining stocks.

The most influential risers were mostly energy stocks and banks, which together account for more than half of the index's weight and have both fluctuated in recent days in tandem with moves in the oil market.

"It is clear that the bears are pretty exhausted here and the bulls are starting to take over," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

The market has rebounded from a three-year low last week. Earlier this month, it was down more than 20 percent from its September 2014 record high, indicating a bear market.

The energy group climbed 4 percent, with Suncor Energy Inc adding 3.5 percent to C$31.00 and Canadian Natural Resources jumping 6.1 percent to C$26.42.   Continued...