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News: Toronto shares gain on oil rebound

  1. Canadian shares advanced, led by energy producers, as crude rebounded from one of its sharpest daily routs ever in the previous session.

    The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.9 percent to 15,125.55 at 12:32 p.m. in Toronto. About three shares advanced for every stock that declined as seven out of ten share groups gained.

    Oil prices jumped about 5 percent today on falling output and rising violence in Libya, along with central bank easing in China. WTI sank 9 percent yesterday in the biggest drop since a 10 percent rout in November, which was its sharpest decline since double-digit losses during the height of the financial crisis in 2009.

    The energy sector, the main index's second most heavily weighted group, rose 2.3 percent.

    Suncor Energy (TSE:SU), Canada's largest oil sands producer, advanced 1.9 percent to C$38.19 after saying it will push ahead with its planned Fort Hills oil sands project. The Calgary company reported an 80 percent plunge in fourth-quarter profit, hurt by the rapid slump in oil prices, and maintained its quarterly dividend.

    TORC Oil & Gas (TSE:TOG), an oil producer focused on Western Canada, rose 3.2 percent to C$9.46. The company agreed to acquire light oil assets, which are complementary to TORC's existing conventional assets in southeast Saskatchewan for $128 million, before adjustments.

    U.S. crude futures, also known as WTI, rose 4.8 percent to $50.80 a barrel at 11 a.m. Benchmark Brent crude futures were up 4.5 percent to $56.62 a barrel.

    The materials sub-index, which includes mining shares, fell 0.3 percent as gold fell almost one percent. Goldcorp (TSE:G), Canada’s largest gold miner by market value, skidded 0.4 percent to C$30.22. Barrick Gold (TSE:ABX), the second-largest, slumped 0.9 percent to C$16.07.

    Premier Gold Mines (TSE:PG) climbed 11 percent to C$2.27 and Centerra Gold added 2.8 percent to C$7.70 after having agreed to jointly develop Premier’s flagship gold project and surrounding properties in northern Ontario.

    U.S. gold futures for April delivery were down 0.3 percent at $1,260.50 an ounce by 9:53 a.m. Spot gold fell 0.8 percent to $1,260.40 an ounce.

     

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