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CANADA STOCKS-TSX rises as commodity prices offer some relief

Published 2015-12-09, 10:34 a/m
CANADA STOCKS-TSX rises as commodity prices offer some relief
XAU/USD
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GC
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HG
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LCO
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CL
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GOLD
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0P6E
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GSPTSE
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BNS
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CNQ
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TD
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TRP
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SU
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GG
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ENB
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(Adds details, updates prices)
* TSX rises 141.65 points, or 1.1 percent, to 13,064.12
* Eight of the TSX's 10 main groups gain

TORONTO, Dec 9 (Reuters) - Canada's main stock index bounced
off its weakest close in two years on Wednesday, helped by a
rebound in heavyweight resource and financial stocks as
commodity prices caught a break from a bruising sell-off.
The energy group climbed 1.9 percent as strong Japanese data
and a surprise drop in U.S. oil stockpiles boosted crude prices
off of 2009 lows, while gains for copper and gold helped
materials stocks rise 2.1 percent overall. O/R GOL/ MET/L
Those two groups, which combined account for more than a
quarter of the index's weight, have lost between 22 and 27
percent of their value this year.
Pipeline companies were among the most influential gainers
on the day, with Enbridge Inc ENB.TO up 3.4 percent to C$43.30
and TransCanada Corp TRP.TO advancing 3 percent to C$42.24.
Some investors view the dividends of these Canadian
infrastructure stocks as well protected from commodity price
weakness and the overall industry slowdown.
Heavyweight producers also featured in the winning column,
with Suncor Energy Inc SU.TO adding 2.2 percent to C$35.73 and
Canadian Natural Resources CNQ.TO gaining 1.9 percent to
C$29.17.
At 10:02 a.m. EST (1502 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 141.65 points, or 1.1
percent, to 13,064.12.
The index posted its lowest close in more than two years on
Tuesday as oil, a major Canadian export, plumbed near seven-year
lows on fear that global oil producers will pump even more crude
in a battle for market share in a saturated market.
On Wednesday, U.S. crude CLc1 prices were up 3 percent to
$38.66 a barrel, while Brent crude LCOc1 added 2.6 percent to
$41.31.
Financials climbed 1.1 percent, with Toronto-Dominion Bank
TD.TO rising 2.1 percent to C$54.25 and Bank of Nova Scotia
BNS.TO up 1.3 percent to C$58.22.
The group had weighed heavily on Tuesday after all the major
banks last week reported more bad loans in the energy sector
than a year ago. Investors worry this could turn into more
writedowns for the lenders.
Eight of the index's 10 main groups were in positive
territory, with seven gainers for every two decliners.
Gold miners were also among the gainers as spot gold XAU=
rose 1 percent, with Barrick Gold Corp ABX.TO advancing 4.0
percent to C$10.64 and Goldcorp G.TO up 2.8 percent to
C$16.73.
First Quantum Minerals Ltd FM.TO advanced 8.0 percent to
C$4.75. Copper prices CMCU3 advanced 1.0 percent to $4,632 a
tonne. MET/L

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