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CANADA STOCKS-TSX rises as oil rallies; oil sands producers plan restarts

Published 2016-05-10, 10:45 a/m
© Reuters.  CANADA STOCKS-TSX rises as oil rallies; oil sands producers plan restarts
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(Adds details throughout on sectors and stocks, updates prices)
* TSX up 137.05 points, or 1.01 percent, to 13,700.89
* Eight of the TSX's 10 main groups were higher

TORONTO, May 10 (Reuters) - Canada's main stock index rose
on Tuesday, led by financial and energy stocks as oil rose,
while producers planned restarts at disrupted oil sands
facilities.
Gains for global stocks added to support for the index after
some solid corporate earnings in Europe and a new pledge by
Japan that it was prepared to step in to weaken its yen
currency.
The most influential movers on the index included Suncor
Energy Inc SU.TO , which rose 2.8 percent to C$34.14, and
Canadian Natural Resources Ltd CNQ.TO , which advanced 3.1
percent to C$36.94.
The overall energy group advanced 2 percent as oil rallied.
U.S. crude CLc1 prices were up 1.2 percent to $43.94 a
barrel, supported by supply disruptions in Canada and elsewhere.
Repair crews were expected to assess wildfire damage to the
Canadian energy boomtown of Fort McMurray as the oil sands
companies surrounding the ravaged city looked at bringing
production back on line.
French utility EDF EDF.PA announced a deal to build three
offshore wind parks in France with Canada's Enbridge Inc
ENB.TO . Enbridge's shares rose 2 percent to
C$50.94.
At 10:27 a.m. EDT (1427 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE rose 137.05 points, or 1.01
percent, to 13,700.89. It hit a nearly four-week low on Monday
at 13,535.54.
Eight of the index's 10 main groups were higher.
The financials group advanced 1 percent, including a 1.1
percent gain for Royal Bank of Canada RY.TO to C$76.47, while
Toronto-Dominion Bank TD.TO was up 0.9 percent to C$55.86.
Industrials rose 1.2 percent, led by railway stocks.

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