CANADA STOCKS-TSX rides oil shares to 7-month high

Mon Jun 1, 2009 10:04am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 209.97 points at 10,580.04

* Energy shares lead with 3.8 percent surge

* All 10 TSX sectors in higher territory (Adds details)

By Frank Pingue

TORONTO, June 1 (Reuters) - Toronto's main stock index shot higher on Monday morning, reaching its highest level in more than seven months, as a surge in oil prices helped light a fire under its energy sector.

Energy shares gained 3.8 percent as expectations for a global economic recovery helped send oil prices more than 2 percent higher.

Shares of oil company Canadian Natural Resources CNQ.TO, the biggest contributor to the index's gains, rose 5.4 percent to C$68.22, followed by EnCana Corp ECA.TO, up 3.8 percent at C$62.32.

Another factor behind the index's gain was data released early on Monday that showed Canada's economy shrank less in the first quarter than was expected by analysts. [ID:N01454666]

"It's a good start to the week as we've gotten through the majority of the earnings season with no big surprises," said Peter Chandler, senior vice-president at Canaccord Capital in Waterloo, Ontario.   Continued...