CANADA STOCKS-CP Rail, energy shares help TSX edge higher

Published 2017-10-18, 10:35 a/m
© Reuters.  CANADA STOCKS-CP Rail, energy shares help TSX edge higher
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* TSX up 18.12 points, or 0.11 percent, at 15,835.02

* Six of the TSX's 10 main groups higher

Oct 18 (Reuters) - Canada's main stock index rose modestly on Wednesday as energy shares were boosted by higher oil prices and as Canadian Pacific Railway jumped after better-than-expected quarterly earnings.

CP Rail CP.TO was the biggest lift on the index, up 5.2 percent at C$220.64, after the company also raised its full-year profit forecast. results gave a boost to its railroad operator peer Canadian National Railway CNR.TO , which gained 1.1 percent to C$101.50. The two companies helped lift the industrials sector .GSPTTIN 1.2 percent.

The energy sector added 0.2 percent as oil prices were lifted by expectations weekly U.S. crude inventories have fallen steeply.

U.S. crude CLc1 prices were up 0.7 percent to $52.25 a barrel, while Brent crude LCOc1 added 0.7 percent to $58.31. Corp ECA.TO , which holds its investor day on Wednesday, rose 4.5 percent to C$14.94.

In early morning trading, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 18.12 points, or 0.11 percent, at 15,835.02. Of the index's 10 main groups, six were higher.

A decline in resource shares tempered gains on the Toronto market as stocks of gold producers declined with gold prices pressured by a firmer U.S. dollar amid speculation over who will be the next chair of the U.S. Federal Reserve. Gold ABX.TO fell 0.8 percent to C$20.17, while Teck Resources TECKb.TO was off 0.6 percent to C$28. The materials sector .GSPTTMT declined 0.5 percent, while the gold subsector .SPTTGD was down 0.8 percent.

Shares of Bombardier BBDb.TO fell 4.4 percent to C$2.61, after gaining more than 15 percent in the previous session after Airbus AIR.PA agreed to take a majority stake in the company's CSeries jetliner.

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