November 30, 2015 / 12:38 PM / 3 years ago

TSX rises on gains for resource stocks, financials

TORONTO (Reuters) - Canada’s main stock index rallied on Monday, led by strength in resource stocks and as financials rose ahead of bank earnings reports this week but the index lost 0.4 percent in November.

People walk by a sign displaying TSX information in Toronto September 29, 2008. REUTERS/Mark Blinch

The market saw some month-end rebalancing, according to Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP in Vancouver.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 101.59 points, or 0.76 percent, at 13,469.83, with eight of the index’s 10 main groups in positive territory.

The energy group rallied 1.5 percent despite U.S. crude oil prices unwinding earlier gains to close lower on the day. [O/R]

Suncor Energy Inc (SU.TO) rose 2.5 percent to C$36.90. After the close, the Alberta Securities Commission said shareholders in Canadian Oil Sands COS.TO should have until Jan. 4, 2016 to consider Suncor’s hostile takeover bid.

Canadian Oil Sands gained 2.8 percent to C$8.56, while Canadian Natural Resources (CNQ.TO) added 1.8 percent at C$32.34.

The materials sector advanced 2.4 percent, helped by firming in the price of gold and gains for fertilizer stocks.

Potash Corp POT.TO rose 3.6 percent to C$27.03, while Agrium Inc AGU.TO was up 2.8 percent at C$131.84 and Barrick Gold Corp (ABX.TO) was up 3.8 percent at C$9.83.

The index moved back in reach of the Nov. 20 peak at 13,514.77, the top of the recent consolidation pattern, and could move higher if commodity prices stabilize, Zohny said.

He added that pending economic data and potential rate hikes from the U.S. Federal Reserve could feed market volatility over the next couple of months.

Financials firmed 0.4 percent ahead of fourth-quarter results from Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) on Tuesday.

It included a 1.1 percent gain for Royal Bank of Canada (RY.TO) to C$76.08 and a 0.8 percent gain for Manulife Financial Corp (MFC.TO) to C$21.98.

BlackBerry Ltd (BB.TO) shares rose 2.0 percent to C$10.62. The company delayed a possible shutdown in Pakistan as talks with authorities continued over access to customer data.

Valeant Pharmaceuticals International Inc VRX.TO added 4.5 percent to C$120.35.

Convenience store operator Alimentation Couche-Tard Inc (ATDb.TO) was a drag, falling 1.5 percent to C$60.88.

U.S. crude CLc1 prices settled at $41.65 a barrel, down 0.14 percent, while Brent crude LCOc1 lost 0.7 percent to $44.55.

Gold futures GCc1 rose 0.9 percent to $1,064.7 an ounce.

Additional reporting by Alastair Sharp; Editing by Bernadette Baum and Lisa Shumaker

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