(Adds investment manager comment, updates prices to close)
* TSX ends up 80.98 points, or 0.57 percent, to close at
14,382.78
* Eight of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, July 30 (Reuters) - Canada's main stock index rose
on Thursday, helped by a second day of gains for energy shares
after plumbing new depths earlier in the week, and with shares
in Open Text Corp OTC.TO surging after the software company's
outlook impressed investors.
The energy sector jumped 2.9 percent, after gaining a
similar amount on Wednesday, after separate data showed a much
steeper than expected drawdown in U.S. stockpiles and a slip in
U.S. production. O/R
Among the most influential gainers were Suncor Energy Inc
SU.TO , which rose 6.3 percent to C$36.81, and Canadian Natural
Resources CNQ.TO , which advanced 3 percent to C$31.67.
"It's bargain hunting in search of a bottom. Oil and gas is
better on slightly better numbers, so that's given them a whiff
of hope," said John Ing, president of Maison Placements Canada.
Open Text was the second-biggest driver for the TSX bounce,
surging 22.3 percent to C$58.08 after reporting revenue that
beat estimates for the first time in four quarters and raising
its fiscal 2016 operating margin forecast. ID:nL3N1095YP
Some energy names, such as Suncor and independent oil
producer Cenovus Energy Inc CVE.TO , did not react as expected
following their earnings reports, said Colin Cieszynski, senior
market analyst at CMC Markets Canada.
Cenovus shares climbed 2.1 percent to C$19 despite the
company slashing its quarterly dividend by 40 percent and
announcing another round of job cuts. ID:nL3N10A4AV
"I think what we're seeing here is probably a bit of
short-covering and bargain-hunting, just trading against the
news," said Cieszynski.
"Even though the results were disappointing, the stocks had
been pretty solidly hammered already. I suspect there was
already substantial disappointment already priced in."
The energy group earlier in the week hit its lowest level
since 2004, as producers slash jobs and spending amid slumping
oil prices.
With the bounce, the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE gained 80.96 points, or 0.57 percent,
to close at 14,382.76.
Eight of the index's 10 main groups gained, with almost as
many decliners as advancers.
Bombardier Inc BBDb.TO fell 9.7 percent to C$1.76, after
the plane and train maker said it was delaying delivery of its
latest Global business jet. It also reported lower earnings and
greater cash burn. ID:nL3N10A465
First Quantum Minerals FM.TO shares also tumbled, off 10.4
percent at C$10.12 after its earnings also fell short of
expectations.