February 15, 2019 / 3:34 PM / 9 months ago

BUZZ-Canadian energy shares cheer Buffett's Suncor investment

** Shares of Canadian oil and gas producers rise on the Toronoto Stock Exchange after Warren Buffett’s Berkshire Hathaway Inc takes a stake in Suncor Energy Inc

** SU up 3.2 pct, Cenovus Energy rises 2.4 pct, Canadian Natural Resources up 3 pct and MEG Energy edged up 1.5 pct

** Berkshire, in a filing, says it has a stake of 10.8 mln shrs, representing ~0.7 pct of SU’s total outstanding shrs, according to Eikon data from Refinitiv.

** Investment seen as positive for Canadian energy sector after major energy firms like Royal Dutch Shell and ConocoPhillips exited from country’s oilfields over last 2 yrs

** Berkshire took a position in Suncor in 2013, but sold its stake in 2016

** With the exception of MEG, Canadian energy stocks ended lower in 2018; SU fell ~17, CNQ down ~27 pct, CVE declined ~16 pct, HSE fell ~20 pct (Reporting by John Benny in Bengaluru)

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