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CANADA STOCKS-TSX rises to a 5-month high as oil losses pared

Published 2016-04-18, 05:04 p/m
© Reuters.  CANADA STOCKS-TSX rises to a 5-month high as oil losses pared
TECK
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POT
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CL
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GSPTSE
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CIX
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CNQ
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DGC
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SU
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ENB
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MFC
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(Adds portfolio manager quote, details on Canadian Natural
Resources, Teck Resources, Potash Corp, Manulife, updates
prices)
* TSX closed up 82.62 points, or 0.61 percent, at 13,719.82
* It touched its highest since Nov. 4 at 13,730.59
* Nine of the TSX's 10 main groups ended higher

By Fergal Smith
TORONTO, April 18 (Reuters) - Canada's main stock index rose
to a five-month high on Monday as energy stocks rallied after
oil pared losses, while mining and financial sector stocks also
advanced.
The index has rebounded 19 percent since hitting a near
3-1/2-year low in January.
U.S. corporate earnings have not been as bad as feared,
while recent improvement in economic data has left investors
more optimistic about the earnings outlook, said Kevin Headland,
director of the portfolio advisory group at Manulife Asset
Management.
"We think the back half of the year is going to be much
better, at least in terms of an earnings perspective," he added.
Oil prices slid after major oil producers failed to reach
agreement on a plan to freeze output at a meeting in Doha, but a
Kuwaiti oil industry strike helped the market to settle way
above the day's lows. O/R
U.S. crude CLc1 prices settled at $39.78 a barrel, down
1.44 percent.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 82.62 points, or 0.61 percent, at 13,719.82.
It touched its highest since Nov. 4 at 13,730.59.
The most influential movers in the index included Canadian
Natural Resources Ltd CNQ.TO , which rose 2.4 percent to
C$37.57, and Enbridge Inc ENB.TO , which advanced 1.9 percent
to C$52.97.
Suncor Energy SU.TO , Canada's largest oil and gas company,
said it would disclose more details on its plans to compete in a
lower-carbon future and on its lobbying activities. Its shares
rose 0.8 percent to C$36.22.
The overall energy group rose 1.2 percent.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.1 percent.
Teck Resources Ltd TCKb.TO rose 12.8 percent to C$12.30,
while Potash Corp POT.TO was up 1.7 percent at C$21.44.
Nine of the index's 10 main groups ended higher.
The financials group edged 0.2 percent higher, including a
1.3 percent rise in the shares of Manulife Financial Corp
MFC.TO to C$18.46.
Among the biggest drags on the index were CI Financial Corp
CIX.TO , which declined 4.7 percent to C$27.68, and Detour Gold
Corp DGC.TO , which fell 3.9 percent to C$24.78.

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