TSX Rises From 3-year Lows As Oil Steadies -- Canadian Commentary

(RTTNews) - Canadian stocks steadied Thursday, trimming severe recent losses on hopes the worst is over for energy and mining companies.

Crude oil prices rose back above $31 a barrel, prompting traders to seek bargains among beaten down energy stocks.

The S&P/TSX Composite Index rose 165.62 points, or 1.36 percent, to 12,336.03, edging away from this week's 3-year lows.

The Energy Index rose 4.3 percent, with Suncor (SU.TO) and Encana (ECA.TO) leading the way.

Feb. oil settled at $31.20/bbl on Nymex, up 72 cents, or 2.4%.

Gold stocks underperformed due to increased appetite for riskier assets.

Shaw Communications Inc. (SJR_B.TO, SJR) reported first-quarter net income of C$218 million or C$0.43 per share compared to C$227 million or C$0.46 per share, last year.

In economic news, new home prices in Canada rose 0.2 percent in November from the previous month, following a 0.3 percent gain in October, Statistics Canada said.