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CALGARY – Despite warnings by investment analysts that a Liberal win would result in stock devaluations for oil and gas companies, shares in Canadian energy producers rose Tuesday following the country’s election of Justin Trudeau.

The S&P/TSX Capped Energy Index rose 1.42 per cent to 184.10 points in Tuesday trading, while shares in the country’s largest oil and gas producers also jumped.

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Canadian Natural Resources Ltd. shares climbed 2.9 per cent on Tuesday to $31.15 each; Encana Corp.’s shares gained 2.3 per cent to $11; and Suncor Energy Inc.’s shares rose 1.3 per cent to $36.84.

Shares in other large oil and gas producers in Canada – including Cenovus Energy Inc., Imperial Oil Ltd. and Husky Energy Inc. – also rose.

These gains defied the expectations of analysts, many of whom expected a “slightly negative” response in the form of a selloff Tuesday morning.

“We would not be surprised to see bonds sell off a bit, as they incorporate slightly bigger bond issuance in coming years, while the equity market could weaken slightly, especially energy stocks, in reaction to the expectations of tighter environmental rules,” Nomura International analyst Charles St-Arnaud said in a research note published before markets opened.