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CANADA STOCKS-TSX gains with energy stocks as oil surges

Published 2016-11-21, 10:44 a/m
Updated 2016-11-21, 10:50 a/m
© Reuters.  CANADA STOCKS-TSX gains with energy stocks as oil surges

© Reuters. CANADA STOCKS-TSX gains with energy stocks as oil surges

(Adds details on specific stocks, updates prices)

* TSX rises 116.14 points, or 0.78 percent, to 14,980.17

* Eight of the TSX's 10 main groups move higher

TORONTO, Nov 21 (Reuters) - Canada's energy sector gave its main stock index a boost on Monday, bolstered by a rally in crude oil prices ahead of an OPEC meeting next week.

Oil rose 3 percent to its highest in three weeks as Saudi Arabia's diplomatic charm offensive to persuade the cartel's more reluctant members to join its proposed output cut raised hopes for a deal. O/R

The most influential movers on the index included Suncor Energy Inc SU.TO , which rose 2.2 percent to C$42.71, and Canadian Natural Resources Ltd CNQ.TO , up 2 percent to

C$43.93.

Both major oil producers have gained around 9 percent since Nov. 11.

The energy group climbed 2.3 percent, with Encana Corp advancing 3.9 percent to C$16.40.

Shares in TransAlta Corp TA.TO , the country's largest operator of coal-fired plants, declined 1.8 percent to C$5.52.

Canada announced on Monday it will virtually eliminate the use of traditional coal-fired electricity by 2030. 10:30 a.m. EDT (1526 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 116.14 points, or 0.78 percent, to 14,980.17.

Eight of the index's 10 main groups were in positive territory, with five advancers for every decliner.

The financials group gained 0.4 percent, with Royal Bank of Canada RY.TO up 1 percent to C$88.11, while industrials rose 0.7 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1 percent as copper and gold prices both pushed higher. MET/L GOL/

U.S. crude CLc1 prices were up 2.4 percent to $46.80 a barrel, while Brent LCOc1 added 2.8 percent to $48.17. O/R

Canadian wholesale trade unexpectedly fell 1.2 percent in September from August, dropping for the first time in six months after a series of strong gains, Statistics Canada data indicated on Monday. ECONCA

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