* TSX up 166.43 points, or 1.2 percent, at 14,019.38
* Nine of 10 main index sectors advance
* Energy shares climb 2 percent
By John Tilak
TORONTO, Dec 11 (Reuters) - Canada’s main stock index advanced on Thursday as bullish U.S. economic data lifted confidence in equities and shares of energy companies rebounded after a brutal selloff in the previous session.
Figures showed higher U.S. consumer spending in November, helped by lower gasoline prices.
The energy sector has been a factor in the Canadian equity market’s recent moves, including a 2.4 percent drop on Wednesday. Energy shares have fallen about 41 percent since mid-June.
Oil prices remained volatile on Thursday, initially nearing a five-year low before recovering to trade higher. They have been hit by concerns that supplies of the commodity were increasingly outweighing demand.
”You’ve got a bounce with the energy stocks after days of gloomy news, though it’s probably more bargain hunting than anything else,“ said John Ing, president of Maison Placements Canada. ”Our view is we’re still heading for further weakness in energy prices.
“Prices are definitely attractive, valuations are definitely cheap,” he added. “Are we table-pounding buys right now? Soon, but it’s a little too early for that.”
The Toronto Stock Exchange’s S&P/TSX composite index was up 166.43 points, or 1.2 percent, at 14,019.38. Nine of the 10 main sectors on the index were higher.
Shares of energy producers jumped 2 percent. Canadian Natural Resources Ltd was up 2 percent at C$34.51, and Talisman Energy Inc advanced 4.4 percent to C$4.48.
Financials, the index’s most heavily weighted sector, climbed 0.9 percent, with Bank of Nova Scotia rising 1.1 percent to C$64.82 and Royal Bank of Canada gaining 0.9 percent to C$79.30.
Cenovus Energy Inc said it planned to reduce capital spending by about 15 percent in 2015. The stock rose 1.7 percent to C$21.19. (Editing by Lisa Von Ahn)