September 28, 2016 / 9:52 PM / in 4 years

CANADA STOCKS-TSX rises more than 1 pct as energy soars on OPEC deal

(Adds portfolio manager comments, details on OPEC deal and Bombardier; updates prices)

* TSX closes up 173.39 points, or 1.19 percent, at 14,731.43

* Eight of the TSX’s 10 main groups end higher

By Fergal Smith

TORONTO, Sept 28 (Reuters) - Canada’s main stock index rose more than one percent on Wednesday as energy stocks soared on a deal by major oil producers to limit output, while the financials and materials groups also gained ground.

Canadian Natural Resources Ltd jumped 6.9 percent to C$41.17, while Suncor Energy Inc advanced 4.1 percent to C$35.58 and the overall energy group was up 5.3 percent.

The OPEC news got investors excited as it will tighten up supply in the oil market, said Manash Goswami, portfolio manager at First Asset Investment Management Inc.

U.S. crude prices settled up $2.38 at $47.05 a barrel after sources told Reuters that the Organization of the Petroleum Exporting Countries struck a deal to limit crude output at its policy meeting in November.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 173.39 points, or 1.19 percent, at 14,731.43.

It touched its highest intraday since Friday at 14,740.07.

The financials group climbed 0.7 percent, including gains for the country’s heavyweight bank stocks.

Royal Bank of Canada rose 0.9 percent to C$81.46, while Toronto-Dominion Bank was up 0.7 percent at C$58.33.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.4 percent.

BlackBerry Ltd said it will outsource the development and design of its flagship smartphone. Its shares rose 4.6 percent to C$10.89.

Bombardier Inc gained 1.9 percent to C$1.62. The company is starting to look at its options for a new aerospace program now that its CSeries commercial plane is complete, but no decisions have been made, its chief executive said.

Just two of the index’s 10 main groups ended lower.

Convenience store company Alimentation Couche Tard Inc fell 1.8 percent to C$63.66, while the overall consumer staples group dipped 0.6 percent.

Malaysia’s Petronas said it would review a proposed C$36 billion ($27.25 billion) liquefied natural gas (LNG) project in western Canada after Ottawa approved the project with conditions to limit the environmental impact. (Reporting by Fergal Smith; Editing by Meredith Mazzilli and Sandra Maler)

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