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CANADA STOCKS-Energy stocks jump after Alberta plan, leading TSX higher

Published 2015-11-23, 11:16 a/m
Updated 2015-11-23, 11:20 a/m
© Reuters.  CANADA STOCKS-Energy stocks jump after Alberta plan, leading TSX higher

© Reuters. CANADA STOCKS-Energy stocks jump after Alberta plan, leading TSX higher

* TSX up 67.05 points, or 0.5 percent, at 13,499.86
* Seven of the TSX's 10 main groups were higher

TORONTO, Nov 23 (Reuters) - Canada's main stock index moved
higher on Monday, helped by gains among energy shares after a
provincial climate change plan was unveiled, even as large bank
and insurer issues fell.
Power generation company TransAlta Corp TA.TO shares
surged 13.4 percent to C$6.18 after the Alberta government's
move to phase out coal-fired generation by 2030, a timeline that
it said would not "strand capital."
Uncertainty over the uncertainty of the future value of its
coal assets in Alberta has hurt the stock price, TransAlta's
chief financial officer, Donald Tremblay, said a 15-year
transition gives it time to adjust and "identify growth
opportunities in renewable energy."
The province, home to the country's controversial oil sands,
said on Sunday it will implement an economywide tax on carbon
emissions in 2017.
Capital Power Corp CPX.TO , which also operates in Alberta,
fell 6.8 percent to C$17.49.
The overall energy group jumped 1.3 percent. Encana Corp
ECA.TO advanced 5.2 percent to C$10.85 and Suncor Energy Inc
SU.TO added 0.8 percent to C$36.92.
U.S. crude CLc1 prices were up 0.4 percent to $42.07 a
barrel, while Brent LCOc1 added 1.2 percent to $45.18. O/R
At 11:15 a.m. EST (1615 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 67.05 points, or 0.5
percent, to 13,499.86.
Seven of the index's 10 main groups were in positive
territory.
Shares in Manitoba Telecom Services MBT.TO advanced 4.3
percent to C$29.83 after it announced a deal to sell its
Allstream national fiber-optic network.
Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO was among
the most influential gainers, rising 5.9 percent to C$128.15.
On the other side of the ledger, Royal Bank of Canada
RY.TO slipped 0.2 percent to C$75.96 and Manulife Financial
Corp MFC.TO gave up 0.4 percent to C$21.78.

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