CANADA STOCKS-TSX climbs to a 6-week high, led by financials and energy as oil surges

Wed Feb 17, 2016 4:57pm EST
 
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(New throughout, updates prices and market activity, adds comments from portfolio manager, details on index performance)

* TSX closed up 312.18 points, or 2.49 percent, at 12,867.16

* Index reached its highest since Jan. 5 at 12,880.69

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

By Fergal Smith

TORONTO, Feb 17 (Reuters) - Canada's main stock index scored a six-week high on Wednesday, led by financial and energy stocks after crude oil prices surged on supply freeze optimism.

Reduced concern among some investors about macro issues has helped lift the index more than 7 percent from below 12,000 less than a week ago.

It has "triggered a relief rally" in an "oversold" market, according to Ben Jang, a portfolio manager at Nicola Wealth Management.

China's economic slowdown, depressed crude oil prices and European financial sector stress have weighed on global stocks since the start of the year, according to Macan Nia, director, capital markets & strategy at Manulife Asset Management.   Continued...