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CANADA STOCKS-TSX gains as higher oil, steady gold help resource stocks
December 16, 2016 / 3:29 PM / 9 months ago

CANADA STOCKS-TSX gains as higher oil, steady gold help resource stocks

(Adds details on specific stocks, sectors; updates prices)

* TSX up 68.13 points, or 0.45 percent, to 15,286.44

* Index heading for slight decline on week

TORONTO, Dec 16 (Reuters) - Canada’s main stock index rose on Friday as higher oil prices helped heavyweight energy stocks lead broad gains and gold miners recovered as the price of the precious metal steadied.

There were five advancing stocks for every decliner, with the most influential gainers including major energy producers Canadian Natural Resources Ltd, which rose 1 percent to C$44.63, and Suncor Energy Inc, up 0.9 percent to C$44.17.

Oil rose, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output.

At 10:07 a.m. EDT (1507 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 68.13 points, or 0.45 percent, to 15,286.44. The index is headed for a slight slip on the week after notching a 1.7 percent in the prior week.

Bombardier Inc jumped 3.3 percent to C$2.02. The plane and train maker said it is still seeking funds from the Canadian government despite improved liquidity, as the company assured investors it is prepared to deal with the cost of value guarantees for older jets.

Industrials added 0.8 percent, as big railway stocks also gained. Canadian Pacific Railway Ltd advanced 1.2 percent to C$196.41 and rival Canadian National Railway Co was up 0.5 percent to C$89.99.

The energy group climbed 0.7 percent, while the financials group, which accounts for more than a third of the index’s weight, gained 0.2 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.4 percent.

U.S. crude prices were up 0.9 percent to $51.36 a barrel, while Brent added 1.2 percent to $54.68.

Gold futures rose 0.3 percent to $1,131.4 an ounce while copper prices declined 1.0 percent to $5,674 a tonne. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)

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