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CANADA STOCKS-TSX rises to 9-month high as commodities rally

Published 2016-05-31, 10:54 a/m
© Reuters.  CANADA STOCKS-TSX rises to 9-month high as commodities rally
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(Adds details throughout on stocks and sectors, updates prices)
* TSX up 49.82 points, or 0.35 percent, to 14,136.49
* Five of TSX's 10 main groups rise

TORONTO, May 31 (Reuters) - Canada's main stock index rose
on Tuesday to a new nine-month high as higher commodities
supported energy and mining stocks.
The most influential movers on the index included Canadian
Natural Resources Ltd CNQ.TO , which rose 1.6 percent to
C$39.17, and Enbridge Inc ENB.TO , which advanced 3.2 percent
to C$22.23.
The overall energy group rose 1.4 percent, while U.S. crude
CLc1 prices were up 1.2 percent to $49.94 a barrel.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 2.2 percent.
Barrick Gold climbed 3.1 percent to C$22.21, while Goldcorp
Inc was up 2.6 percent at C$22.21 as spot gold XAU= gained 0.7
percent.
At 10:41 a.m. EDT (1441 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE rose 49.82 points, or 0.35
percent, to 14,136.49.
The index touched its highest level since Aug. 19 at
14,172.35. It has rallied more than 22 percent from an almost
3-1/2-year low in January.
Five of the index's 10 main groups were higher.
Bank of Nova Scotia BNS.TO reported second-quarter results
below market expectations and increased funds set aside to cover
bad loans by 40 percent as lending to energy companies turned
sour.
Its shares fell 0.4 percent to C$64.71, while the overall
financials group dipped 0.1 percent.
Healthcare stocks fell 2 percent, while consumer
discretionary stocks were down 0.4 percent.
Canada's economic growth accelerated less than expected in
the first three months of the year and appeared to slow heading
into the second quarter, data from Statistics Canada showed.

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