CANADA STOCKS-Energy shares help TSX rebound from selloff

Thu Oct 23, 2014 5:08pm EDT

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* TSX up 174.76 points, or 1.22 percent, at 14,486.83
    * All of the 10 main index groups rise
    * Energy, industrial sectors up 2.3 percent

    By Solarina Ho and John Tilak
    TORONTO, Oct 23 (Reuters) - Canada's main stock index posted
a sharp gain on Thursday as energy shares jumped with the price
of oil and the market rebounded from a selloff the previous
session that had been spurred partly by the shootings in Ottawa.
    Investors were encouraged by comments from police that the
gunman who shot a soldier in Ottawa on Wednesday and then
entered Canada's parliament buildings, where he was shot dead,
had acted alone and that there was no apparent link to an attack
on two soldiers in Quebec on Monday. 
    The Toronto stock market's benchmark TSX index is up about 6
percent since hitting an eight-month low last week. It dropped
1.6 percent on Wednesday after the shootings.
    "It's a big reversal relative to yesterday. The market is
back to its natural tendencies as we approach yearend," said Sid
Mokhtari, market technician and director, institutional equity
research, CIBC World Markets.
    He said the Canadian market hit a bottom last week and could
go higher from here as it benefits from positive seasonal
trends.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 174.76 points, or 1.22 percent, at
14,486.83. All of the 10 main sectors on the index were higher.
    The index's industrial sector, home to Canadian National
Railway Co, climbed 2.3 percent. CN Rail added 2
percent to C$76.71, and Canadian Pacific Railway Ltd was
up 3.5 percent at C$229.
    Energy shares jumped 2.3 percent, reflecting solid gains in
the prices of Brent and U.S. crude oil. Canadian Natural
Resources Ltd gained 2.8 percent to C$39.55, and Suncor
Energy Inc climbed 2.9 percent to C$38.98.
     The market also digested corporate earnings from major
Canadian companies such as oil producer Cenovus Energy Inc
 and fertilizer maker Potash Corp.
    Cenovus jumped 6.5 percent, to C$27.97, after its quarterly
results beat expectations. 
    Potash narrowed its full-year earnings forecast range and
the company reported a lower-than-expected quarterly profit as
income fell from its overseas investments. The stock slipped 0.7
percent to C$36.63. 
    ($1=$1.12 Canadian) 

 (Editing by Peter Galloway)
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