CANADA STOCKS-TSX edges higher on oil; eye on EU summit
* TSX up 17.80 points, or 0.16 percent, at 11,352.22 * Energy stocks rise with U.S. crude * Fertilizer producers rise on corn crop worries By Allison Martell TORONTO, June 27 (Reuters) - Canada's main stock index edged higher on Wednesday morning as energy stocks rose with U.S. crude prices and investors looked ahead to a European Union summit on Thursday and Friday. Although few expected the EU summit to resolve the region's escalating debt crisis there was faint hope for small progress. "We're all waiting to see what happens with the European summit, whether something constructive or useful can be done, and as a result of that I think people are being fairly cautious in their trading," said David Baskin, portfolio manager and president of Baskin Financial Services. At about 10:00 a.m. (1400 GMT) the Toronto Stock Exchange's S&P/TSX composite index was up 17.80 points, or 0.16 percent, at 11,352.22. U.S. crude prices rose after data showed demand for long-lasting U.S. manufactured goods rebounded more than expected in May , and oil and gas stocks, up 0.9 percent, played the biggest role in lifting the Toronto index. Shares of fertilizer producers also rose as U.S. new-crop corn futures hit a nine-month high as operators worried about damage to corn from hot, dry weather in the Midwest grain belt. Fertilizer stocks typically track the price of fertilizer-intensive corn closely as higher grain prices are likely to spur farmers to increase use of crop nutrients. In the fertilizer group, Potash Corp rose 1.7 percent to C$44.26, and in the energy group TransCanada Corp was 1.4 percent higher at C$41.83. The two companies played the biggest role in pulling the index higher. The index's heavyweight materials sector, which includes gold miners, fell 0.22 percent as gold prices eased, pressured by weakness in the euro and other commodities.
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