Canadian stocks inch up as crude rebounds

Canada's main stock market in Toronto ended higher Tuesday as higher oil prices supported energy concerns, offsetting deep losses for one of the country's major railway stocks.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 13.45 points, or 0.10 percent, to close at 13,809.44 points. Half of the TSX index's eight main sub-sectors were higher.

Crude oil prices increased on Tuesday as declining dollar made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The West Texas Intermediate for June delivery moved up 1.40 dollars to settle at 44.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery climbed 1.26 dollars to close at 45.74 dollars a barrel on the London ICE Futures Exchange.

The most influential movers on the TSX index included Canadian Natural Resources, which rose 1 percent to 38.55 Canadian dollars (30.54 U.S. dollars), and Encana Corporation, which advanced 6.87 percent to 9.65 Canadian dollars per share.

The shares of Teck Resources rose 4.82 percent to 13.69 Canadian dollars. The miner reported a surprise quarterly profit as cost-cutting measures and a weak Canadian dollar helped cushion the impact of lower coal and copper prices.

Bombardier boosted 10.56 percent to 1.99 Canadian dollars. The aircraft maker said a unit of Nova Scotia-based Chorus Aviation Inc had signed an agreement to buy five CRJ900 aircraft with an option to buy an additional five.

Thomson Reuters Corp rose 1.45 percent to 52.56 Canadian dollars after it reported higher-than-expected quarterly earnings on improved results in its main business of providing news and analytics to financial companies.

Barrick Gold Corp. added 1.42 percent to 20.78 Canadian dollars despite the world's largest gold producer reported a quarterly loss, compared with a year-earlier profit, as asset sales weighed on production and realized prices fell.

However, shares of Canadian National Railway Company fell 5.07 percent to 78.57 Canadian dollars. On Monday, CN lowered its full-year earnings forecast, citing weaker-than-expected freight demand in some markets and a strengthening Canadian dollar.

Husky Energy Inc. hurtled lower 9.18 percent to 15.93 Canadian dollars. The oil and gas producer reported a first-quarter loss on Monday and said it has agreed to sell a partial interest in a package of Canadian midstream energy assets to two Hong Kong-based firms for 1.7 billion Canadian dollars in cash.

Canadian authorities are stepping up scrutiny of payday lenders over fears they are preying on vulnerable customers at a time of record household debt and rising unemployment in oil-producing regions.

Payday lenders have surged in popularity in Canada with more than 1,400 stores now open, according to the Canadian Payday Lending Association. It said around 2 million Canadians a year take out loans meant to tide them over until their next paycheck.

The Canadian dollar traded higher at 0.7923 U.S. dollar, compared with Monday's closing rate of 0.7883 U.S. dollar. Enditem