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CANADA STOCKS-TSX jumps as oil price rebound supports energy shares

Published 2015-12-23, 04:22 p/m
CANADA STOCKS-TSX jumps as oil price rebound supports energy shares
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(New throughout, updates prices and market activity, adds
comment from portfolio manager)
TORONTO, Dec 23 (Reuters) - Canada's main stock index
climbed on Wednesday as a fall in U.S. crude inventories boosted
both oil prices and shares of energy producers.
The benchmark TSX was up for a fourth straight session as
shares of natural resource companies have rebounded slightly in
recent days.
"We're seeing a very strong rebound in the commodity
complex, particularly in energy. Some buying is coming back to
the sector," said Youssef Zohny, portfolio manager at
StennerZohny Investment Partners of Richardson GMP Ltd, which
manages about C$28.3 billion in assets.
"We see some rebalancing as we head into the New Year.
There's some relative value there," he added.
The energy sector jumped 5.8 percent. Suncor Energy Inc
SU.TO added 3.4 percent to C$37.19, and Canadian Natural
Resources Ltd CNQ.TO advanced 7.3 percent to C$31.13.
The price of U.S. crude oil gained 4.8 percent to $37.86.
However, the issue of high supply and low demand does not
show any signs of going away anytime soon. The Organization of
the Petroleum Exporting Countries expects demand for its crude
to be lower in 2020 than in 2016.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 202.05 points, or 1.54 percent, at
13,284.91. All of the 10 main sectors on the index were higher.
A gain in copper prices helped support mining shares. Teck
Resources Ltd TCKb.TO shot up 9.3 percent to C$5.53, and First
Quantum Minerals Ltd FM.TO rose 17.2 percent to C$6.

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