August 21, 2019 / 2:25 PM / a month ago

CANADA STOCKS-TSX gains as energy shares rise on higher oil prices

(Updates prices, adds background)

Aug 21 (Reuters) - Canada’s main stock index rose on Wednesday, rebounding from the previous session’s weak close, as a 2% rise in oil prices helped push energy shares higher.

* The energy sector climbed 1.1%, leading gains on the Toronto Stock Exchange’s S&P/TSX composite index which was up 65.81 points, or 0.41%, at 16,279.12.

* Six of the index’s 11 major sectors were higher.

* Crude oil futures rose after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession.

* U.S. crude prices were up 1.4%, while Brent crude added 2%.

* The financial sector gained 0.5% and the industrials sector rose 0.4%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.1% as gold eased to hold around the $1,500 level as investors cashed in some gains ahead of minutes from the U.S. Federal Reserve’s last meeting.

* Data showed Canada’s annual inflation rate held steady in July at 2% because of lower costs for services, including telecoms, that were offset by higher prices for durable goods.

* Among stocks, Canada’s Pembina Pipeline Corp fell 0.6% after it agreed to buy smaller rival Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for C$4.35 billion. Shares of Kinder Morgan surged about 35%.

* On the TSX, 154 issues were higher, while 73 issues declined for a 2.11-to-1 ratio favouring gainers, with 19.20 million shares traded.

* The top percentage gainers on the TSX were Bausch Health Co, which jumped 3.4% followed by shares of MEG Energy Corp, which rose 3.2%.

* Alacer Gold Corp fell 2.5%, the most on the TSX, followed by second biggest decliner Ero Copper Corp, which dropped 1.8%.

* The most heavily traded shares by volume were Manulife Financial, Sun Life Financial and Cenovus Energy.

* The TSX posted two new 52-week highs and one new low.

* Across all Canadian issues there were 11 new 52-week highs and five new lows, with total volume of 28.04 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)

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