Canadian stocks up on rebounding crude prices

Canada's main stock market in Toronto edged higher Thursday as financials stocks firmed and oil prices ended higher after a report showed U.S. crude inventories decreased last week.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 73.45 point, or 0.52 percent, to close at 14,136.99 points. Seven of the TSX index's eight main sub-sectors were higher.

The West Texas Intermediate for July delivery added 16 cents to settle at 49.17 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 32 cents to close at 50.04 dollars a barrel on the London ICE Futures Exchange.

TSX energy group was up 1.08 percent from early loss as Encana Corporation increased 1.83 percent to 10.55 Canadian dollars (8.05 U.S dollars) and Baytex Energy Corp. rose 2.05 percent to 6.48 Canadian dollars.

Among raw-material producers, Detour Gold bolted higher by 65 cents, or 2.5 percent, to 27.23 Canadian dollars, and Teck Resources rose 31 cents, or 2.5 percent, to 12.91 Canadian dollars.

Shares of Bank of Montreal rose 0.38 percent to 82.66 Canadian dollars. The bank said it would acquire Greene Holcomb Fisher, a U.S.-based merger and acquisition advisory firm, in a push to strengthen its investment banking business in the United States, particularly in the Midwest.

Canadian Western Bank reported a 37 percent decline in second-quarter profit, reflecting a ramp-up in funds set aside to cover loans to oil & gas companies that have turned sour amid a prolonged slump in oil prices.

Still, the bank's shares rose 0.12 percent to 25.94 Canadian dollars, while the overall financials group advanced 0.46 percent.

Health-care stocks tumbled 2.14 percent, led by a 0.93 percent retreat for Valeant Pharmaceuticals International Inc. to 38.55 Canadian dollars.

The Canadian dollar traded lower at 0.7631 U.S. dollar, compared with Wednesday's closing rate of 0.7653 U.S. dollar. Endit