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CANADA STOCKS-TSX rises with energy stocks as oil prices jump

Published 2016-12-12, 10:32 a/m
CANADA STOCKS-TSX rises with energy stocks as oil prices jump
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(Adds details on specific stocks, updates prices)

* TSX up 32.59 points, or 0.21 percent, at 15,344.79

* Six of the TSX's 10 main groups move lower; energy up 3.3 pct

TORONTO, Dec 12 (Reuters) - A surge in shares of energy companies helped push Canada's main stock index higher on Monday as crude prices jumped on a deal to cut production.

But the gains, which extended a 19-month index high, were offset by falling industrial stocks including railways and slips among financial and materials stocks.

At 10:06 a.m. EDT (1506 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 32.59 points, or 0.21 percent, to 15,344.79.

The energy group, which accounts for more than a fifth of the index's weight, climbed 3.3 percent as oil prices hit an 18-month high after OPEC and some of its rivals agreed to jointly reduce output to tackle global oversupply and boost prices. O/R

Eighteen of the 20 most influential movers on the index were energy stocks, included its biggest oil and gas producers, with Canadian Natural Resources Ltd CNQ.TO up 4.1 percent at C$45.77 and Suncor Energy Inc SU.TO adding 2.2 percent to C$43.91.

Cenovus Energy Inc CVE.TO , which last week said it would up its capital spending and resume work on an oil sands project in 2017, advanced 5.9 percent to C$21.88.

The Canadian government on Friday reached a deal with eight of the 10 provinces to introduce a landmark national carbon price aimed at helping Canada meet its international climate change obligations. of the index's 10 main groups were in negative territory, including a 1.4 percent decline for industrials.

Canadian National Railway Co CNR.TO fell 2.7 percent to C$89.14 and rival Canadian Pacific Railway Ltd CP.TO lost 2.4 percent to C$200.84.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent. Potash Corp POT.TO fell 2.7 percent to C$25.35 and Agrium Inc AGU.TO lost 2.3 percent to C$140.64.

The two companies plan to merge as the sector struggles with weak prices.

The financials group slipped 0.2 percent.

U.S. crude CLc1 prices were up 3.8 percent to $53.46 a barrel, while Brent crude LCOc1 added 3.8 percent to $56.37.

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