(Adds portfolio manager comment, updates prices to close)
* TSX settles up 24.74 points, or 0.17 percent, at 14,643.71
* Index had touched its lowest since Oct. 4 at 14,472.78
* Six of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, Oct 13 Canada's main stock index rose
on Thursday, bucking a global trend lower as energy stocks
gained with higher oil prices and heavyweight banking stocks
also moved higher.
The index had hit a one-week low earlier in the session, as
China's weak trade data and the prospects of a Federal Reserve
interest rate hike by the end of the year weighed on global
Gold miners were also among the most influential gainers, as
gold edged higher on the broader economic worries. Goldcorp Inc
climbed 1.8 percent to C$19.39 and Barrick Gold Corp
advanced 0.6 percent to C$21.15.
Toronto Stock Exchange's S&P/TSX composite index
closed up 24.74 points, or 0.17 percent, at 14,643.71. It
earlier touched its lowest since Oct. 4 at 14,472.78. Six of its
10 main groups rose.
The energy group gained 0.6 percent, with shares of Suncor
Energy Inc up 1.1 percent to C$37.59. The financial
sector added 0.2 percent, with Royal Bank of Canada up
0.6 percent at C$82.61.
Barry Schwartz, a portfolio manager at Baskin Financial
Services, said he was avoiding gold stocks and skeptical of
valuations in the energy sector, but that stocks tied to housing
had been unduly punished after recent government moves to cool
"Some of these oil stocks are trading as if oil's guaranteed
to go back to $100 a barrel. I'm not so sure," he said. "The
whole financial sector is still trading as if Canada's going
down the sinkhole. It's not happening."
Canadian resale home prices rose in September from a month
earlier while new home prices were up in August, separate
reports showed on Thursday, suggesting that slowing sales in
some regions have not yet cooled prices.
Both Brent and U.S. crude oil prices settled up above $50 a
barrel after a U.S. government report showing hefty draws in
diesel and gasoline offset the first crude inventory build in
Amaya Inc shares fell 6.2 percent to C$21.50 after
a leading investor in William Hill said it would oppose any
reverse takeover of the Canadian online gambling company.
Teck Resources Ltd fell 3.3 percent to C$23.92
after having reached its highest in more than two years on
(Additional reporting by Fergal Smith; Editing by Will Dunham)