Canadian stocks hit 9-month high on rising crude prices

Canada's main stock market in Toronto rose to a nine-month high Monday as commodity price gains helped boost the index's heavyweight energy sector and base metal miners, although gold miners pulled back after last week's rally.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 49.38 point, or 0.35 percent, to close at 14,276.16 points. Six of the TSX index's eight main sub-sectors were higher.

International oil prices rebounded Monday as investors worried about plummeting Nigerian production after a militant attack in Nigeria.

Global crude benchmark Brent hit seven-month highs and settled 1.8 percent higher at 50.55 dollars a barrel, while U.S. West Texas Intermediate (WTI) crude settled up 2.2 percent at 49.69 dollars a barrel, its largest gain in three weeks.

Brent and WTI pared some gains as the U.S. dollar popped up briefly after U.S. Fed Chair Janet Yellen said she still expects gradual interest increases this year despite disappointing U.S. jobs growth in May.

TSX energy and mining sectors were driven higher 1.83 percent and 5.84 percent respectively. The most influential gainers included Baytex Energy Corp., which rose 10.87 percent 7.24 Canadian dollars (5.65 U.S. dollars), and Penn West Petroleum Ltd., up 12.77 percent at 1.06 Canadian dollars.

First Quantum Minerals Ltd. jumped 9.95 percent to 10.06 Canadian dollars, on completing the sale of a nickel, copper and platinum mine in Finland and refinanced a credit facility.

Teck Resources Ltd. advanced 7.36 percent to 14.87 Canadian dollars and Potash Corporation of Saskatchewan Inc. gained 6.17 percent to 23.05 Canadian dollars.

Barrick Gold Corporation declined 2.18 percent to 24.27 Canadian dollars, B2Gold Corp. lost 2.65 percent to 2.57 Canadian dollars, and gold royalty & stream company Franco-Nevada Corporation slipped 1.55 percent 88.73 Canadian dollars.

Bombardier Inc. is stepping up efforts to woo the airline industry with its more efficient new CSeries jet, hoping to win new orders without falling under the spell of prolonged discounting on price. Bombardier shares were unchanged at 2.00 Canadian dollars.

Real estate-focused private equity firm KingSett Capital is set to acquire 50 percent of Scotia Plaza, Canada's second tallest office building, from Dream Office Real Estate Investment Trust and H&R REIT, according to two sources familiar with the situation.

Dream units were down 1.8 percent to 18.51 Canadian dollars, while H&R units lost 0.87 percent to 21.66 Canadian dollars.

Meanwhile CIBC estimates show that Canadians aged 50 to 75 are set to inherit 750 billion Canadian dollars over the next decade, the largest inter-generational wealth transfer in Canadian history which will have widespread effects across Canadian life, including the housing market.

The Canadian dollar traded higher at 0.7808 U.S. dollar, compared with Friday's closing rate of 0.7726 U.S. dollar. Endit