CANADA STOCKS-TSX rises as energy shares jump with oil

Thu Sep 22, 2016 10:25am EDT
 
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(Adds details on specific stocks, updates prices)

* TSX up 115.16 points, or 0.78 percent, at 14,825.98

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

TORONTO, Sept 22 (Reuters) - Energy stocks led a broad rally on Canada's main stock index on Thursday as oil prices jumped and investors digested the U.S. Federal Reserve's more cautious approach to future rate hikes.

With 12 gainers for every decliner, the index was testing an early September peak that, if breached, would push it to its highest since June 2015.

At 10:08 a.m. EDT (1408 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 115.16 points, or 0.78 percent, at 14,825.98. All 10 sectors gained.

The energy group climbed 1.9 percent on the coattails of the rise in oil prices. Some of the country's biggest energy producers were among the most influential gainers, with Canadian Natural Resources rising 2.9 percent to C$40.45 and Suncor Energy Inc up 1.5 percent to C$34.90.

Oil rose 2 percent and was headed for its largest weekly gain in a month, after a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply.

The Russian energy minister's comments in support of coordinated action boosted oil further.   Continued...