(Adds portfolio manager comment, details; updates prices)
* TSX rises 61.77 points, or 0.45 percent, to 13,684.78
* Nine of the TSX’s 10 main groups gain
TORONTO, Nov 3 (Reuters) - Canada’s main stock index rose on Tuesday, helped by solid gains in the energy sector as oil prices recovered and a move higher in shares of Royal Bank of Canada after it avoided the need to set aside additional capital.
The heavyweight energy group climbed 3 percent, with Canadian Natural Resources Ltd advancing 2 percent to C$31.84 and Cenovus Energy Inc adding 4.9 percent to C$21.47.
Pipeline operator TransCanada Corp was flat at C$44.23 after asking the U.S. government to suspend a review of its controversial Keystone XL project.
The most influential gainers on the index also included Royal Bank of Canada, which gained 1.2 percent to C$75.54, compared to a flat financials group overall.
The country’s largest bank avoided a widely expected designation from the Financial Stability Board as a global, systemically important bank, which would have forced it to have a higher capital position.
“The cheer was heard all the way from Bay Street to St. Clair where I am,” said Barry Schwartz, portfolio manager at Baskin Financial Services. “It’s the regulators saying you’re OK, you’re not going to be covered under these new regulations that will force you to have more capital that will constrain your ability to grow.”
At 11:05 a.m. ET (1605 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 61.77 points, or 0.45 percent, to 13,684.78.
Nine of the index’s 10 main groups were in positive territory, with advancers outnumbering decliners by 145 to 89.
U.S. crude prices were up 2.7 percent to $47.39 a barrel, while Brent crude added 2.5 percent to $50.02, as a strike by oil workers in Brazil cuts into output in the world’s ninth-biggest producer. (Reporting by Alastair Sharp and Fergal Smith; Editing by Meredith Mazzilli)
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