* TSX up 73.2 points, or 0.48 percent, to 15,222.77
* Nine of the TSX’s 10 main groups rise
* Energy stocks rise 1 percent
* Saputo Inc stock rises 4.6 percent
TORONTO, July 19 (Reuters) – Canada’s main stock index rose
on Wednesday as the influential financial and energy sectors led
broad gains, helped in part by higher commodity prices.
Financial services companies gained 0.6 percent, with
Manulife Financial Corp up 1.7 percent at C$25.37.
Saputo Inc shares jumped 4.6 percent to C$42.28
after RBC raised the dairy producer’s rating to “outperform”
from “perform”, helping the consumer staples group rise 1.1
At 10:31 a.m. ET (1431 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index rose 73.2 points, or 0.48
percent, to 15,222.77.
Of the index’s 10 main groups, nine were in positive
territory, with industrials the only group to trade lower.
Strong gasoline demand underpinned gains in oil prices, even
as rising output from OPEC producers renewed concerns about
persistent oversupply. U.S. crude prices were up 1.2
percent to $46.95 a barrel.
Several energy stocks were among the most influential index
movers and helped lift the overall energy group by 1 percent.
Suncor Energy rose 1.3 percent to C$38.25.
The materials group, home to precious and base metals miners
and fertilizer companies, added 0.1 percent, with Teck Resources
Ltd climbing 0.9 percent to C$24.69. Copper producer
First Quantum Minerals Ltd rose 0.9 percent to C$13.54.
A stronger U.S. dollar on Wednesday pressured copper prices
, but upbeat economic data out of China, which helped
drive prices to a more than four-month high above $6,000 earlier
this week, has bolstered overall expectations of strong demand
for the metal.
Canada’s largest railways edged lower, dragging the overall
industrials group down 0.1 percent. Canadian Pacific Railway
, which dipped 0.6 percent at C$205.13, will be reporting
quarterly results after markets close.
Canadian manufacturing sales posted their largest gain in
five months in May, rising 1.1 percent to C$54.6 billion ($43.2
billion) from April, topping forecasts and hitting a record
level on higher sales of motor vehicles and parts, data from
Statistics Canada showed.
Advancing issues outnumbered declining ones on the TSX by
161 to 81, for a 1.99-to-1 ratio on the upside.
(Reporting by Solarina Ho; Editing by Meredith Mazzilli)