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CANADA STOCKS-TSX rise led by energy, financial stocks as oil rallies
March 9, 2016 / 4:42 PM / 2 years ago

CANADA STOCKS-TSX rise led by energy, financial stocks as oil rallies

* TSX up 109.90 points, or 0.83 percent, to 13,420.92

* Nine of the TSX’s 10 main groups were higher

TORONTO, March 9 (Reuters) - Canada’s benchmark stock index rose on Wednesday, led higher by energy stocks as crude oil prices rallied while financial sector stocks gained after the Bank of Canada chose to hold interest rates steady.

At 11:27 a.m. EST (1627 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 109.90 points, or 0.83 percent, to 13,420.92. Nine of the index’s 10 main groups were in positive territory.

The Bank of Canada left rates unchanged on Wednesday, citing lower market volatility and stronger non-energy exports as the central bank waits to assess the impact of government stimulus due to be unveiled in the upcoming budget.

The energy group climbed 1.6 percent while the financials group gained 0.5 percent.

The most influential movers on the index were Canadian Natural Resources, which rose 2.6 percent to C$34.42, and Alimentation Couche-Tard, which gained 2.83 percent to C$60.70. The company said after the market closed on Tuesday that it had agreed to purchase retail assets from Imperial Oil in Ontario and Quebec.

Bank of Nova Scotia, Royal Bank of Canada and Toronto-Dominion Bank were also among the biggest gainers.

The materials group, which includes precious and base metals miners and fertilizer companies, was unchanged.

U.S. crude prices were up 3.3 percent to $37.7 a barrel, while Brent crude added 2.8 percent to $40.75.

Gold futures fell 0.7 percent to $1,252.8 an ounce.

Copper prices advanced 1.6 percent to $4,944.5 a tonne.

Advancing issues outnumbered declining ones on the TSX by 157 to 75, for a 2.09-to-1 ratio on the upside.

The index posted seven new 52-week highs and one new low. (Reporting by Matt Scuffham, editing by G Crosse)

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