(Updates prices to close)
* TSX ends up 88.24 points, or 0.60 percent, at 14,840.49
* Index touches and settles at highs last seen in June 2015
* Seven of the index's 10 main groups make gains
By Fergal Smith and Alastair Sharp
TORONTO, Oct 19 Canada's main stock index closed
at its highest since June 2015 on Wednesday, led by energy and
mining companies, as oil surged and gold rose, while financial
stocks also gained ground.
The index has rebounded nearly 29 percent since falling to a
three-year low in January but had been unable to reach new highs
"As long as you have the economy continuing to do OK and you
have a bid on the energy side and a stabilization of oil prices,
I think there is room for the market to head higher into year
end," said Bryden Teich, portfolio manager at Avenue Investment
The Toronto Stock Exchange's S&P/TSX composite index
closed up 88.24 points, or 0.60 percent, at 14,840.49,
its highest finish since June 25, 2015.
The gains for the index came as the Bank of Canada cut its
growth forecast and said it actively discussed adding more
monetary stimulus to speed up the nation's economic.
The energy group rose 1.7 percent as U.S. crude oil climbed
to a 15-month high.
Enbridge Inc, Canada's largest pipeline company,
rose 1.1 percent to C$58.79. It is laying off 5 percent of its
work force after an organizational review, a spokeswoman said.
Suncor Energy Inc rose 1.1 percent to C$38.38 and
Encana Corp added 3.1 percent to C$15.06, while
U.S. crude prices settled up $1.31 at $51.60 a barrel as
the government reported a drop in domestic inventories for the
sixth week out of seven.
Higher oil prices support Canada's economy and give a lift
to other sectors of the TSX, including financials, Teich said.
Financials rose 0.2 percent, helped also by positive
earnings momentum from U.S. financials, said Teich.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.8 percent.
Goldcorp Inc rose 3.2 percent to C$20.11, while
Barrick Gold Corp was up 5.7 percent at C$22.69.
Spot gold firmed 0.5 percent amid uncertainty around
the timing of a U.S. interest rate increase.
Seven of the index's 10 main groups were higher, with
industrials down 0.5 percent.
Canadian Pacific Railway Ltd declined 1.9 percent to
C$197.41 after the railroad, the country's second largest,
reported a 9.1 percent drop in quarterly revenue, mainly because
of a delayed grain harvest and lower crude oil volumes.
(Editing by Diane Craft and Steve Orlofsky)