CANADA STOCKS-Toronto index rises as Suncor earnings boosts energy stocks

(Updates prices, adds analyst comment)

By Amal S

Oct 28 (Reuters) - Canada's main stock index rose on Thursday, rebounding from its worst session in nearly a month, after upbeat earnings from Suncor Energy (SU) boosted oil and gas shares.

At 9:44 a.m. ET (13:44 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 48.27 points, or 0.23%, at 21,003.26, rebounding from its worst session since Sept. 28 after the Bank of Canada signaled it could raise interest rates sooner than previously thought.

Energy stocks were up 1.6% as shares in Suncor Energy (SU) jumped 9%, a day after the country's No. 2 oil and gas major doubled its dividend. A rebound in crude prices from pandemic-driven lows helped it post a third-quarter profit compared with a year-ago loss.

Meanwhile, Shopify Inc (SHOP) fell 1.0% after the e-commerce giant reported third-quarter results that fell short of analysts' expectations, dragging the broader technology sector down 0.1%

"Shopify (SHOP) is among the biggest tech companies in Canada and its missing forecasts could have a broader impact to the tech base in Canada for a little bit," said Gregory Taylor, a portfolio manager at Purpose Investments.

Limiting gains was the materials sector, down 0.5%, with Alamos Gold Inc (AGI) being the biggest decliner on the index after the gold miner reported dismal quarterly earnings.

Shares in Bombardier Inc (BDRAF) were up 1.4% as the company posted a smaller second-quarter loss, helped by a rebound in demand for private jets from corporations and wealthy buyers.

HIGHLIGHTS

The TSX posted four new 52-week highs and three new lows.

Across all Canadian issues there were 10 new 52-week highs and 21 new lows, with total volume of 42.04 million shares.

(Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.