April 8, 2013 / 3:44 PM / 6 years ago

CANADA STOCKS-TSX climbs as energy shares rise with oil prices

* TSX rises 16.90 points, or 0.14 percent, to 12,348.75
    * Six of 10 main sectors advance
    * Agrium up as boardroom battle heats up

    By John Tilak
    TORONTO, April 8 (Reuters) - Canada's main stock index
climbed on Monday and snapped a five-day losing streak, boosted
by shares of energy companies, which rebounded with the price of
     The rise in energy shares, which account for about a
quarter of the benchmark TSX index, helped the stock market
begin to recover from its worst week in about 10 months. 
    The index fell 3.3 percent last week, as a slew of negative
economic news weighed on investors, particularly Friday data
showing Canada posted its worst monthly jobs loss in more than
four years in March.  
    "People are nervous as the economy is slowing a little more
than they would like to see it and you're not getting the
employment numbers," said Irwin Michael, portfolio manager at
ABC Funds.
    "The recovery is not taking off completely," he added. "But
we believe slowly but surely, the economy is turning the
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 16.90 points, or 0.14 percent, at 12,348.75.
Six of the 10 main sectors of the index were higher.
    Energy shares advanced 0.5 percent as oil prices rebounded
from an eight-month low. 
    The materials sector, which includes mining stocks, was
little changed as weakness in gold stocks was offset by gains in
Agrium Inc.
    Shares of Agrium rose 1.7 percent to C$99.41 after activist
shareholder Jana Partners LLC said two of its five candidates
appeared to have garnered enough votes to join the fertilizer
maker's 12-member board. 
    Financials, the index's weightiest sector, gave back 0.2
    Royal Bank of Canada slipped 0.5 percent to C$59.34
after news that Canada is investigating a report the bank is
using temporary foreign workers hired by an outsourcing company
to effectively replace existing staff. 
    In other company news, Bombardier Inc said its
train unit signed an agreement with German engineering group
Siemens AG SIEGn.DE to supply train components to state-owned
rail operator Deutsche Bahn worth about 336 million euros ($438
    Bombardier shares were up 2 percent to C$4.01 and helped the
industrials group rise 0.4 percent.
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