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CANADA STOCKS-TSX rises as higher oil prices boost energy shares

Published 2018-06-18, 10:25 a/m
Updated 2018-06-18, 10:30 a/m
© Reuters.  CANADA STOCKS-TSX rises as higher oil prices boost energy shares

June 18 (Reuters) - Canada's main stock index rose on Monday, boosted by the energy sector which climbed higher after a gain in oil prices.

* At 9:56 a.m. ET (1356 GMT), the Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was up 27.33 points, or 0.17 percent, at 16,341.75.

* Oil prices rose ahead of an OPEC meeting this week that is widely expected to increase global crude supply and as investors assessed the impact of a trade dispute between the United States and China. O/R

* The Canadian energy sector .SPTTEN climbed 1.4 percent as U.S. crude CLc1 prices were up 0.4 percent a barrel, while Brent crude LCOc1 added 1.4 percent.

* Eight of the index's 11 major sectors were lower, weighed by the healthcare sector .GSPTTHC , which fell 1.4 percent.

* Shares of Valeant Pharmaceuticals (NYSE:VRX) VRX.TO , with a 5.5 percent decline, was the biggest drag to the main index. U.S. health regulators declined to approve the drugmaker's lotion to treat plaque psoriasis, citing questions related to certain data. On the TSX, 148 issues were higher, while 93 issues declined for a 1.59-to-1 ratio favouring gainers, with 31.29 million shares traded.

* Among stocks, the top gainer on the TSX was Canada Goose Holdings GOOS.TO , which jumped 9.7 percent after brokerages raised their price targets on the stock.

* Baytex Energy Corp BTE.TO fell 11.2 percent, the most on the TSX, after the oil and gas producer said it would buy rival Raging River Exploration Inc RRX.TO for about C$2.8 billion ($2.13 billion). Shares of Arizona Mining Inc AZ.TO gained 48 percent after Australia's South32 Ltd S32.AX bid $1.3 billion to take full control of the company. The most heavily traded shares by volume were Baytex Energy, Raging River and Arizona Mining.

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* The TSX posted seven new 52-week highs and no new lows.

* Across all Canadian issues there were 28 new 52-week highs and eight new lows, with a total volume of 51.26 million shares.

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