(Adds portfolio manager comment; updates prices)
* TSX ends up 192.75 points, or 1.63 percent, at 12,035.86
* Half of TSX's 10 main groups rise; 3 gainers for every
faller
By Alastair Sharp
TORONTO, Jan 21 (Reuters) - Canada's main stock index gained
on Thursday, interrupting a sustained down trend, as energy
stocks surged and oil prices rebounded from near 12-year lows.
Canadian Natural Resources CNQ.TO , one of the country's
biggest oil and gas producers, jumped 8.4 percent to C$24.82,
while pipeline company Enbridge Inc ENB.TO gained 8.3 percent
to C$44.66. The overall group rose 5.2 percent.
"The big story is a pop back in energy," said John
Stephenson, president at Stephenson & Company Capital
Management. "Then (European Central Bank Governor) Mario Draghi
was very positive on the likely actions of the ECB, so that was
a big plus for markets, so as a result we have got a bit of
relief in our otherwise downward trend."
The ECB's Draghi hinted of additional stimulus measures as
early as March, citing concerns over China and emerging markets,
volatility in financial and commodity markets and geopolitical
risks.
Canadian banks and consumer stocks also rose, while miners
and railways weighed.
Potash Corp POT.TO fell 3.3 percent to C$22.80, after the
fertilizer producer said it may defer plans to build a new West
Coast shipping terminal with partners Mosaic Co MOS.N and
Agrium Inc AGU.TO . Agrium shares lost 1.5 percent to C$123.52.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 192.75 points, or 1.63 percent, at 12,035.86.
Half of its 10 main groups were higher, with advancers
outnumbering decliners by less than 3 to 1.
The index hit its lowest level since August 2012 on
Wednesday and is down almost 10 percent since Christmas.
Depressed crude oil prices have weighed on the
resource-linked market, including fears that Canadian banks will
take a hit to profit in 2016, as more corporate loans sour, oil
and gas capital raising dries up and job losses take a toll on
banks' consumer arms.
Canadian Pacific Railway Ltd CP.TO fell 0.9 percent to
C$149.84, paring much sharper early losses after it missed
profit expectations on lower freight volumes.
Bombardier BBDb.TO fell 9.2 percent to C$1.09 after United
Airlines UAL.N agreed to buy 40 small planes from Boeing (N:BA) Co, a
blow for the Canadian plane and train maker, which has sought a
major customer to give momentum to its fledgling CSeries jets.
Royal Bank of Canada RY.TO advanced 1.8 percent to C$66.83
after British insurer Aviva AV.L said it would buy RBC's
general insurance arm for C$582 million ($403
million).