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News: TSX jumps as energy producers expand rally with crude prices

  1. Canadian shares advanced for a third day as energy producers stretched a rally with higher oil prices.

    The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) jumped 1.3 percent to 14,862.14 at 12:42 p.m. in Toronto. Three stocks advanced for every share that declines as eight of the ten main industries gained.

    The energy sector, the main index's second most heavily weighted group, rose 3.1 percent as oil, Canada’s largest export, rose. Suncor Energy (TSE:SU), Canada's largest oil sands producer, surged 2.2 percent to C$38.73.

    Imperial Oil (TSE:IMO), Canada's second-largest integrated oil producer and refiner, gained 4.2 percent to $49.24 after reporting better-than-expected results despite lower crude prices and weaker refining margins.

    U.S. crude was up $1.50 at $49.74 a barrel, after touching an intraday high of $50.56 and slumping to $46.67. Oil fell as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signaled lower production down the line.

    The materials sub-index, which includes mining shares, was up 0.5 percent even as gold prices fell. Goldcorp (TSE:G), Canada’s largest gold miner by market value, slipped 0.7 percent to C$30.47, and Barrick Gold (TSE:ABX), the second-largest, was up 0.2 percent at C$16.28.

     

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