TSX Rises as Railways, Pipelines Gain
Canada's main stock index rose on Wednesday, led by railway and pipeline stocks in a broad-based but relatively shallow recovery from Tuesday's slip.
The most influential gainer on the index was Canadian Pacific Railway Ltd, which rose 5.5 percent to C$194.88 after the company made public a proposal to buy Norfolk Southern (NSC) that it said could help it save $1.8 billion.
Its rival, Canadian National Railway Co advanced 1.7 percent to C$78.32.
The overall industrials group gained 2.1 percent, while the materials group rose 1 percent.
Teck Resources Ltd gained 3.4 percent to C$6.44 after the largest producer of steel-making coal in North America said it would cut its workforce by about 9 percent.
At 9:57 a.m. (1457 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 81.99 points, or 0.62 percent, to 13,362.38.
Nine of the index's 10 main groups were in positive territory, with utilities barely lower, and advancers outnumbered decliners by 179 to 56, for a 3.2-to-1 ratio on the upside.
The energy group climbed 0.2 percent, helped by gains among pipeline companies. Enbridge Inc advanced 1.4 percent to C$50.30 and TransCanada Corp gained 1.5 percent to C$43.11.
Suncor Energy, the country's largest oil and gas producer, declined 3.2 percent to C$37.34 after it said 2016 capital spending will increase and production will slip.
Canadian Oil Sands Ltd, which Suncor has offered to buy, declined 2.4 percent to C$9.21.
U.S. crude prices were up 1 percent to $41.06 a barrel, while Brent added 1.2 percent to $44.11.
(Reporting by Alastair Sharp)
