TSX rebounds from five-week low as trade war fears ebb

TORONTO (Reuters) - Canada’s main stock index rebounded on Monday from a five-week low, led by consumer discretionary and energy shares, as fears of a global trade war receded.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* China scrambled to avert a trade war with premier Li Keqiang reiterating pledges to ease access for American businesses.

* The Toronto Stock Exchange’s S&P/TSX composite index closed up 74.82 points, or 0.49 percent, at 15,298.56. On Friday, the index had posted its lowest close since Feb. 13.

* Shares of auto-parts company Magna International Inc, which is sensitive to trade, climbed 3.9 percent to C$71.20. The overall consumer discretionary group gained 1.4 percent.

* The energy group advanced 1.1 percent even as oil prices slipped.

* Suncor Energy Inc rose 2.8 percent to C$44.09.

* U.S. crude oil futures settled 0.5 percent lower at $70.12 a barrel as investors cashed in some profits from last week’s rally.

* The materials group, which includes precious and base metals miners as well as fertilizer companies, added 0.8 percent.

* Industrials rose 0.8 percent as railroad shares climbed and financials, which account for more than one-third of the weight of the TSX, gained 0.3 percent.

* Seven of the index’s 10 main groups rose.

* The largest percentage gainer on the TSX was Birchcliff Energy Ltd, which rose 5.4 percent, while the largest decliner was Eldorado Gold, down 6.0 percent.

Reporting by Fergal Smith; Editing by Sandra Maler