TSX rallies as easing trade tensions boost energy, financials

TORONTO (Reuters) - Canada’s main stock index rebounded on Thursday from a nearly eight-week low the day before, as ebbing trade tensions helped boost energy and financial shares.

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

* The Toronto Stock Exchange’s S&P/TSX composite index closed up 191.68 points, or 1.26 percent, at 15,356.05.

* Gains for the index came as the Dow and the S&P 500 posted gains for a third day in a row, the longest streak in about a month, as investors’ worries of an escalating trade conflict between the United States and China eased and their focus on upcoming earnings grew.

* The TSX’s energy group rose 4.2 percent to reach its highest level since Feb. 1. U.S. crude prices settled 0.3 percent higher at $63.54 a barrel.

* Financials rose 0.9 percent and the materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 percent.

* Eight of the TSX’s 10 main groups ended higher. The index posted six new 52-week highs and one new low.

* The largest percentage gainer on the TSX was Prometic Life Sciences, which rose 19.1 percent. Corus Entertainment Inc also rose more than 19 percent after the company reported quarterly profit that beat estimates.

* The largest decliner was Restaurant Brands International Inc, down 2.3 percent.

* Among the most active Canadian stocks by volume were Aurora Cannabis, up 10.8 percent to $8.44, Neovasc Inc, up 10 percent to $0.06, and oil and gas producer Cenovus Energy, up 4.1 percent to $12.11.

* Cenovus said it named Jon McKenzie chief financial officer, bringing in an industry veteran who most recently helped rival Husky Energy Inc rein in costs and strengthen its finances.

* The Canadian dollar strengthened to a five-week high against its U.S. counterpart as an improving trade outlook, including prospects of a deal to revamp the North American Free Trade Agreement, offset domestic data showing a wider trade deficit.

Reporting by Fergal Smith; Editing by Peter Cooney