TSX Virtually Flat Despite Soaring Crude Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks barely budged Thursday despite soaring crude oil prices, as inventors remained skittish about U.S. interest rates.

Energy stocks jumped 2.1 percent, but gold and consumer staples stocks were notably weaker on the day.

The S&P/TSX Composite Index was up 6.5 points or 0.04 percent, to 14,803.26.

October WTI oil settled at $47.6 /bbl. on Nymex, up $2.12, or 4.7%.

U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration's latest report.

Analysts blamed shutdowns in the Gulf due to Hurricane Hermine.

In corporate news, Transat (TRZ.TO) said net income dropped to $9.4 million or 26 cents per share, from $13.1 million or 34 cents per share in last year's third quarter. Shares tumbled 7.3 percent.

Canada's new home price index rose 0.4 percent in July, higher than the expected 0.1 percent climb.

The seasonally adjusted rate of housing starts last month was 182,703 units, down six percent from July.