October 24, 2017 / 2:58 PM / 2 months ago

CANADA STOCKS-TSX extends gains, rises broadly as CN Rail leads

(Updates throughout with index and stock moves)

* TSX up 46.82 points, or 0.3 percent, to 15,902.58

* Eight of the TSX’s 10 main groups up

TORONTO, Oct 24 (Reuters) - Canada’s main stock index extended its recent gains, rising broadly on Tuesday, with Canadian National Railway and financial stocks leading some of the advance.

At 10:28 a.m. ET (1428 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 46.82 points, or 0.3 percent, to 15,902.58.

The index, which notched its sixth straight week of gains last week, rose as high as 15,922.19 earlier in the session, putting it within striking distance of the index’s record of 15,943.09, reached on Feb. 21.

Of the index’s 10 main groups, eight were on positive ground, with utilities and healthcare the only declining groups.

CN, Canada’s largest rail operator, added 1.4 percent to C$104.89 ahead of its earnings, due after markets close. The overall industrials sector added 0.7 percent.

Canadian Natural Resources rose 1.6 percent to C$41.79, while the broader energy group climbed 0.4 percent. Oil prices were higher after top exporter Saudi Arabia said it was determined to end a supply glut and forecasters were expecting a further drop in U.S. crude inventories.

U.S. crude prices were up 0.6 percent to $52.23 a barrel, while Brent crude added 0.5 percent to $57.63.

Banks and other financial services was up 0.4 percent, with some Canada’s top banks marking influential, but modest gains.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.1 percent. Fertilizer maker, Potash Corp rose 1.7 percent to C$24.825, while Agrium Inc also advanced 1.7 percent to C$138.55.

First Quantum Minerals Ltd was up 1 percent to C$15.07 after Barclays raised its target price on the company.

Hudson’s Bay Co shares, which surged as much as 8.7 percent after the company announced an investment deal and the sale of a 5th Ave property, pared earlier gains to trade up 2.1 percent at C$12.00.

Advancing issues outnumbered declining ones on the TSX by 135 to 108, for a 1.25-to-1 ratio on the upside.

The index was posting 13 new 52-week highs and 1 new low. (Reporting by Solarina Ho; Editing by Nick Zieminski)

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