TSX Rebounds From 3-Year Lows -- Canadian Commentary

(RTTNews) - Canadian stocks snapped back Thursday, trimming a small portion of steep recent losses as crude oil prices rebounded from 12-year lows.

Helping energy stocks in particular, March oil settled at $29.53/bbl on Nymex, up $1.18, or 4.2%.

The S&P/TSX Composite Index rose 192.75 points, or 1.63 percent, to 12,035, having hit a 3-year low in the previous session.

Despite today's gains it has been a brutal start to the new year, with markets in a lousy mood about the health of the global economy and political uncertainty in the US.

In corporate news, Canadian Pacific Railway (CP.TO) reported a 29 percent decline in fourth-quarter profit.

Emera Inc. (EMA.TO) announced the Federal Energy Regulatory Commission has approved the acquisition of TECO Energy Inc. (TE).