Company News

CANADA STOCKS-TSX up as commodity prices help lift energy, mining shares

(Updates prices)

* TSX up 35.47 points, or 0.23 percent, to 15,763.79

* Eight of the TSX’s 10 main groups advance

TORONTO, Oct 10 (Reuters) - Canada’s main stock index rose on Tuesday as higher commodity prices helped energy and mining shares lead the market higher.

Petroleum and gas companies were among the biggest contributors to the index’s gains, including Canadian Natural Resources which climbed 1.5 percent to C$41.73, and Encana Corp, which advanced 2.0 percent to C$14.37.

Overall, the energy sector was up 0.6 percent as crude oil prices rose on export cuts by Saudi Arabia. Some production in the United States also remained offline following Hurricane Nate, which added further support.

U.S. crude prices were up 2.1 percent to $50.62 a barrel, while Brent crude added 1.4 percent to $56.57.

At 10:52 a.m. ET (1452 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 35.47 points, or 0.23 percent, to 15,763.79. Eight of the index’s 10 primary sectors were higher.

Gold mining firms benefited from the price of bullion which touched its highest level in nearly two weeks.

Kirkland Lake Gold Inc jumped 5.6 percent to C$18.43, while Goldcorp Inc was up 1.2 percent to C$16.865. The overall materials group was up 0.5 percent.

The financial services sector, which accounts for about a third of the index’s weight, added 0.2 percent. Manulife Financial Corp rose 0.9 percent to C$25.65.

On the down side, Ritchie Bros Auctioneers Inc fell 6.4 percent to C$34.82 after several analysts cut their price targets on the company after it published its September auction metrics, which were lower than expected.

Online retail platform Shopify Inc extended its slide, which began last week after short seller Citron Research made critical comments about the company.

Shopify shares fell 3.5 percent at C$118.62. The overall technology group eased 0.2 percent.

Advancing issues outnumbered declining ones on the TSX by 155 to 87, for a 1.78-to-1 ratio on the upside.

Eleven issues on the index posted new 52-week highs and while three posted new lows. (Reporting by Solarina Ho; Editing by W Simon)