TSX Jumps 120 Points As Energy Rebounds -- Canadian Commentary

(RTTNews) - Canadian stocks rose Thursday, as crude oil prices steadied and the government vowed help for domestic lumber producers hurt by U.S. duties.

With energy and financial stocks snapping out of their weekly funk, the TSX Composite Index rose 120 points, or 0.78 percent, to 15,469.91.

The Conference Board of Canada says U.S. softwood lumber duties will cost 2,200 jobs, slash the value of exports by $700 miliion over two years, and hurt corporate profits. As such, Ottawa announced $867 million in financial support for timber cutters.

Meanwhile amid concerns about a potential housing bubble, National Bank (NA.TO) said it is tightenging its mortgage rules in order to dissuade risky borrowers. Shares rose 0.9 percent.

Adding to the parade of bankings turning in blockbuster quarterly results, Canadian Western Bank (CWB.TO) reported second-quarter earnings that surged past market expectations. The stock rose 3.7 percent.

Snowmobile maker BRP (DOO.TO) issued its first-ever quarterly dividend and will buy back shares after raising its outlook for the current financial year. The stock jumped 12.7 percent.

Saputo lost 4%. The cheese maker earned $165.2 million or 42 cents per diluted share for the quarter ended March 31 compared with a profit of $141.2 million or 36 cents per share a year ago.

July WTI oil settled at $48.36/bbl, up 4 cents, or less than 0.1%.