(Adds portfolio manager comment, details; updates prices to
close)
* TSX ends up 95.06 points, or 0.70 percent, at 13,647.26
* Seven of the TSX's 10 main groups fall; resources lead
gains
* Bombardier surges late after Reuters report on Airbus
talks
By Alastair Sharp
TORONTO, Oct 6 (Reuters) - Canada's main stock index gained
for a third straight session on Tuesday, with heavily weighted
resource stocks and banks carrying most of the gains on the back
of higher commodity prices.
Seven of the Toronto Stock Exchange's S&P/TSX composite
index's .GSPTSE 10 main sectors slipped, but the index ended
up 95.06 points, or 0.70 percent, at 13,647.26.
The rising financials, energy and materials sectors account
for almost two-thirds of the index's weight.
The energy group gained 3.8 percent as crude oil prices
broke through the top of a month-long range. Materials, which
includes miners, rose 3.3 percent.
"Oil is heading higher, the real question is when. And some
guys are trying to say maybe it's a bit sooner than later," said
Manash Goswami, a portfolio manager at First Asset Investment
Management.
Bombardier Inc BBDb.TO stock surged 15 percent in the last
half-hour of trading to close at C$1.77 after Reuters reported
the planemaker has approached Airbus about selling a majority
stake in its CSeries jet in order to shore up its depleted
balance sheet. ID:nL1N12615V
The most influential mover on the index was Canadian Natural
Resources CNQ.TO , which rose 4.8 percent to C$29.55. Crescent
Point Energy CPG.TO surged 7.4 percent to C$18.91 and Encana
Corp ECA.TO jumped 7 percent to C$10.60.
U.S. crude CLc1 prices jumped 5.6 percent to $48.86 a
barrel, while Brent LCOc1 added 5.8 percent to $52.08. O/R
First Quantum Minerals FM.TO shares surged 21 percent to
C$7.49 in heavy volume after the miner said it would cut net
debt by C$1 billion and lowered its copper production forecast.
It also revised its deal with Franco-Nevada Corp FNV.TO
for its flagship copper-gold Cobre Panama project in Central
America. ID:nL3N1263F3
Gold prices XAU= rose to a two-week high as the U.S.
dollar softened on the back of disappointing economic data that
could push the Federal Reserve's next interest rate hike further
away. GOL/
First Asset's Goswami said recent jitters about slowing
growth in China and in other emerging markets may have been
overdone, making cyclical stocks attractive as the economy
improves.
"Things aren't that bad. It's not like there's a global
crisis that makes me want to hide underneath my desk," he said.