TSX Inches Higher, Led By Energy Stocks -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Thursday, staying near recent yearly highs as rebounding energy stocks offset weak financials.

The S&P/TSX Composite Index was up 16.73 points, or 0.12 percent, to 14,528.78.

Rising from 4-month lows, Nymex Sept. oil futures finished 2.7% higher at $41.93 a barrel.

Canadian oil producers are hoping oil can rise back towards $50 as they ramp up production following the Ft. McMurray wildfires.

SNC - Lavalin Group (SNC.TO) announced earnings for its second quarter that increased 10 percent from last year. Shares were up 3.6 percent.

BCE Inc. (BCE.TO) reported earnings rose 12 percent, topping forecasts. The stock was up 1 percent.

Canadian Tire (CTC.TO) quarterly profit was up 8 percent. Shares nudged higher today.

Manulife Financial (MFC.TO) earnings were below estimates. Shares were down 6 percent.

IAMGOLD Corp. (IMG.TO) was up 10 percent today, as the reported second-quarter earnings that topped estimates.

Canadian Natural Resources (CNQ.TO) quarterly loss narrowed on lower costs, while its Horizon project is on track for November. Shares were flat.

Bill Ackman's Pershing Square has divested its complete holding in Canadian Pacific Railway Limited (CP, CP.TO). The stock fell 2.8 percent.