(Adds analyst comment, updates prices)
* TSX ends up 105.72 points, or 0.81 percent, at 13,123.65
* Eight of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, March 3 (Reuters) - Canada's main stock index hit a
2016 high on Thursday as energy stocks rose despite a petered
out oil rally, and other resource stocks gained as commodity
prices more generally reflected increased confidence in
prospects for global growth.
Among the gainers was Canadian Natural Resources Ltd
CNQ.TO , which surged 8.9 percent to C$32.85 after it reduced
its 2016 capital expenditure plan and eyed further cuts in the
future.
Belt-tightening across the industry is being seen as
necessary and prudent to deal with low oil prices.
"They're all making the right moves; they continue to cut
costs," said Brian Pow, an equity analyst at Acumen Capital
Partners in Calgary. "When they come out the other side there's
going to be some pretty significant leverage that comes through
from the top line."
The energy sector climbed 2.8 percent, but oil prices barely
moved higher as growing U.S. crude stockpiles overshadowed
bullish sentiment that had built up in the oil market this week.
O/R
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 105.72 points, or 0.81 percent, at 13,123.65.
On Wednesday, the Canada index pushed above 13,000 for the
first time this year as investors shook off worries about global
growth after seeing improved data from major economies and signs
of a rebound in commodity prices.
On Thursday, eight of its 10 main groups were positive.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 2.5 percent as gold
prices climbed toward $1,260 an ounce and copper hit a
three-month high. GOL/ MET/L
Goldcorp Inc G.TO rose 3.8 percent to C$20.04 and Barrick
Gold Corp ABX.TO was up 2.3 percent at C$18.64.
The financials group gained 0.7 percent, with Bank of Nova
Scotia BNS.TO adding 1.5 percent to C$58.62 and Royal Bank of
Canada RY.TO up 0.9 percent at C$70.75.
SNC-Lavalin Group Inc SNC.TO rose 3.3 percent to C$45.51
after posting a better-than-expected adjusted fourth-quarter
profit and said it expected profit growth at its core
engineering and construction business in 2016.
Industrials rose 1.1 percent.
On the negative side, Valeant Pharmaceuticals (NYSE:VRX) International
Inc VRX.TO fell 4.2 percent to C$86.91 after the drugmaker
said a senior executive had resigned and had not been asked to
leave. by Jeffrey Benkoe, Toni Reinhold)