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CANADA STOCKS-TSX rises to a 3-month high, led by energy and mining stocks

Published 2016-03-07, 04:46 p/m
© Reuters.  CANADA STOCKS-TSX rises to a 3-month high, led by energy and mining stocks
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(Adds details, updates prices)
* TSX up 171.1 points, or 1.29 percent, to 13,383.60
* All of the TSX's 10 main groups ended higher

By Fergal Smith
TORONTO, March 7 (Reuters) - Canada's main stock index rose
on Monday to a three-month high as mining and energy stocks
gained on the back of higher oil and gold prices, while
industrial and financial sector stocks also rallied.
The index has rebounded 16 percent since hitting an almost
3-1/2 year low in January, helped by a recovery in commodity
prices and stabilization in financial markets.
"There's a certain amount of short-covering that's going on
that's helping to drive the market," said Michael Sprung,
president at Sprung & Co. Investment Counsel.
The energy group climbed 2.3 percent, while the materials
sector, which includes precious and base metals miners and
fertilizer companies, added 2.2 percent.
Global oil markets jumped more than 5 percent after Ecuador
said it was holding a meeting of Latin American crude producers
as OPEC sought a higher anchor price for oil. O/R
Suncor Energy Inc SU.TO rose 2.5 percent to C$34.58, while
Enbridge ENB.TO was up 2.2 percent at C$50.00.
Goldcorp Inc G.TO advanced 4.9 percent to C$21.16, while
gold hovered just below last week's 13-month high. GOL/
The shares of Cameco Corp CCO.TO rose 0.6 percent to
C$16.76. The company is slowly expanding the world's biggest
uranium mine, betting utilities that are currently well-supplied
will need the radioactive metal in coming years.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE rose 171.1 points, or 1.29 percent, to 13,383.60. It
touched its highest since Dec. 3 at 13,447.68.
The index recorded its eighth straight gain and its fifth
straight session hitting a record for 2016.
All of its 10 main groups ended higher, while advancing
issues outnumbered declining ones by 176 to 58, for a 3.03-to-1
ratio on the upside.
Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO jumped
6.8 percent to C$87.15 after announcing a date for its delayed
fourth-quarter results.
Industrials rallied 2.3 percent, while financial sector
stocks were up 0.9 percent.
"People are still looking for places where they can find
yield and you can find fairly good yield in the financial
sector," said Sprung.

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