June 10, 2015 / 3:05 PM / 2 years ago

CANADA STOCKS-TSX rises as oil prices jump, banks strengthen

(Adds comments and updates prices)

* TSX up 101.47 points, or 0.68 percent, at 14,919.18

* Energy and banking shares lead rise

By Alastair Sharp

TORONTO, June 10 (Reuters) - Canada’s main stock index rose on Wednesday as oil and gas producers rallied on stronger crude prices, while financial stocks gained on higher bond yields.

At 10:32 a.m. EDT (1432 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 101.47 points, or 0.68 percent, at 14,919.18. Eight of the index’s 10 main sectors rose and advancers outnumbered decliners by almost 6-to-1.

Among the most influential movers on the index were oil companies Canadian Natural Resources Ltd, which rose 1.5 percent to C$37.32, and Suncor Energy Inc, which advanced 0.8 percent to C$36.18.

The index’s energy group climbed 1.5 percent as oil prices jumped on a drawdown in U.S. inventories. U.S. crude prices were up 2.2 percent at $61.46 a barrel, while Brent crude added 1.9 percent to $66.11.

Among rising financials, Toronto-Dominion Bank was up 0.5 percent at C$54.72, and Sun Life Financial Inc advanced 2.5 percent to C$42.62. The overall financials group climbed 0.7 percent.

“Rates have really ticked up in the last week and a half or so in both Canada and in the U.S., which is really good for banks, a steeping yield curve is good for banks on their net interest margins,” said Bryden Teich, associate portfolio manager at Avenue Investment Management.

The index’s materials group, which includes miners, climbed 1.1 percent, with First Quantum Minerals Ltd up 3.2 percent at C$18.44, and Teck Resources Ltd advancing 2.6 percent to C$14.83. Copper prices rose 1.2 percent to $6,034 a tonne, a two-week high.

$1=$1.23 Canadian Editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below