(Adds portfolio manager comments, details on BlackBerry,
Valeant and railroad stocks and updates prices)
* TSX closes up 23.12 points, or 0.16 percent, at 14,754.55
* Index touches its highest in one week at 14,815.81
* Energy climbs 7.7 percent over past two days
* Just three of the TSX's 10 main groups end higher
By Fergal Smith
TORONTO, Sept 29 Canada's main stock index rose
on Thursday to a one-week high as energy stocks added to sharp
gains from one day before on a surprise output cut agreement by
The most influential movers on the index were some of the
country's largest energy companies. Suncor Energy Inc
rose 2.3 percent to C$36.41 and Canadian Natural Resources Ltd
advanced 2.4 percent to C$42.14.
The index's energy group climbed 2.2 percent, which takes
its rally over the past two days to 7.7 percent.
The oil patch has been "thrown a bone" by the output cut,
said Rick Hutcheon, president and chief operating officer at RKH
With a low for oil prices probably in place it gives energy
companies an opportunity to look to the future and make capital
spending plans, Hutcheon added.
Oil marched higher on optimism over the Organization of the
Petroleum Exporting Countries' first output cut plan in eight
years, despite some analysts' doubts that the reduction would be
enough to rebalance a heavily over-supplied market. U.S. crude
oil futures settled $1 higher at $48.07 a barrel.
Gains for the energy sector offset broader losses for the
index, including a 0.2 percent dip in shares of financial sector
companies as investors worried about the stability of Germany's
The Toronto Stock Exchange's S&P/TSX composite index
closed up 23.12 points, or 0.16 percent, at 14,754.55.
It touched its highest since Sept. 22 at 14,815.81.
Just three of the index's 10 main groups ended higher,
including a 0.2 percent gain for telecom stocks which are
considered defensive by investors.
Railroad stocks also gained ground, with Canadian National
Railway Co rising 0.6 percent to C$84.85.
BlackBerry Ltd fell 4.1 percent to C$10.44 as most
of the gains made on Wednesday after announcing a strategic
shift away from hardware were given up.
SNC-Lavalin Group Inc cut its full-year adjusted
profit forecast for its engineering and construction business
due to commercial issues in two oil & gas projects in the Middle
East. Its shares tumbled nearly 7 percent to C$51.10.
Valeant Pharmaceuticals International Inc fell 4.7
percent to C$32.95, while the overall healthcare group lost
nearly 1 percent.
(Reporting by Fergal Smith; Editing by Alistair Bell and Diane