CANADA STOCKS-TSX rises with higher oil prices

Fri May 1, 2009 10:12am EDT
 
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* TSX index up 65.96 points at 9,390.79

* Energy sector up 1.9 pct, leads rally (Adds details and comments)

By Frank Pingue

TORONTO, May 1 (Reuters) - Toronto's main stock index was higher on Friday morning as a rise in prices for oil, a key Canadian commodity, gave a boost to weighty energy shares.

With scattered signs that the global recession may be waning, oil prices have managed to claw back higher on expectations that demand could pick up. [ID:nSP378801]

Shares of Suncor Energy (SU.TO: Quote), a key driver behind the index's rise, were up 3.9 percent at C$31.22, while Petro-Canada PCA.TO shares rose 3 percent to C$38.79.

The rise in shares of Suncor and Petro-Canada came after Goldman Sachs upgraded each company to a "buy" rating from a "sell". [ID:nBNG274588]

The early rise in the TSX index was also attributed partly to a rebound after Chrysler's bankruptcy filing on Thursday depressed market sentiment and dragged the index to a lower close after it had shot to its highest level in five months earlier in Thursday's session.

"We had Chrysler going bankrupt in the States yesterday and now it's a rebound, I guess, after the bad news and hopefully things can get straightened out a bit," said Sal Masionis, stockbroker at Brant Securities.   Continued...