CANADA STOCKS-TSX rises as oil price gains boost energy stocks

Thu Mar 17, 2016 10:21am EDT
 
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* TSX up 85.98 points, or 0.64 percent, at 13,564.11

* Nine of the TSX's 10 main groups rise

TORONTO, March 17 (Reuters) - Canada's main stock index rose on Thursday as higher oil prices supported energy stocks, while the heavyweight financial and materials sectors also gained.

The move followed the U.S. Federal Reserve's scaling back of its expectation of how many rate hikes it could implement this year, which weighed on the U.S. currency and boosted risk appetite.

The most influential gainers on the index included Royal Bank of Canada, which rose 0.4 percent to C$74.91, and Canadian Natural Resources, which advanced 1 percent to C$36.58.

Pipeline operators also moved higher, with TransCanada Corp up 1.2 percent to C$48.73 and Enbridge Inc adding 1.1 percent to C$50.84.

The energy group climbed 1.1 percent, while financials gained 0.4 percent.

U.S. crude prices rose 2.3 percent to $39.35 a barrel, while Brent crude added 1.2 percent to $40.81.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent, including a 5.6 percent gain to C$10.41 for diversified miner Teck Resources Ltd despite having its debt rating downgraded by Fitch.   Continued...