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TSX gains in broad rally led by financials, energy stocks

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12/07/2017 | 11:16 pm
TORONTO (Reuters) - Canada's main stock index ended higher on Thursday, helped by gains among energy stocks as oil prices picked up as well as rising financial, consumer and technology stocks.

* The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> closed up 106.9 points, or 0.67 percent, at 16,015.68.

* Eight of the index's 10 main sectors finished in positive territory, with advancers outnumbering decliners by a 1.7-to-1 ratio.

* The financials group, which accounts for more than a third of the index's weight, gained 0.6 percent as Brookfield Asset Management Inc (>> Brookfield Asset Management Inc) added 2.8 percent to C$55.25 and Bank of Nova Scotia (>> Bank of Nova Scotia) rose 1.2 percent to C$82.78.

* The energy group, another major force on the index, added 0.4 percent, with Suncor Energy Inc (>> Suncor Energy Inc.) up 1.3 percent at C$44.11 and pipeline operator Enbridge Inc (>> Enbridge Inc)

* Oil prices climbed more than 1 percent due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of refined fuels. [O/R]

* BlackBerry Ltd (>> BlackBerry Ltd) rose 1.2 percent to C$13.21 after announcing it would expand its partnership with chipmaker Qualcomm into automotive systems on a non-exclusive basis.

* Dollarama Inc (>> Dollarama Inc) jumped 5.3 percent to C$157.61 after the discount store chain announced a share buyback plan and as a string of analysts adjusted their price targets on the stock following earnings that topped expectations on Wednesday.

* Industrials, led by gains for the country's two main railway companies, rose 0.7 percent, while Westjet Airlines Ltd (>> WestJet Airlines Ltd.) added 2.9 percent to C$27.16 after RBC raised its price target on the stock after its Wednesday announcement of a joint venture with Delta Air Lines.

* The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent.

* Emera Inc (>> Emera Inc) fell 3.0 percent to C$47.83 after the energy company announced a bought deal to raise at least C$700 million.

* Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) rose 5.4 percent, recovering from a fall on Wednesday after announcing the pricing on its latest debt issuance.

(Reporting by Alastair Sharp; Editing by Susan Thomas and Sandra Maler)

By Alastair Sharp

Reuters 2017
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