CANADA STOCKS-Energy issues power TSX to 4th day of gains

Fri Jan 2, 2009 5:23pm EST
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* Energy sector roars 6.3 percent higher

* Fourth session of triple-digit gains

* Nine of 10 subsectors in positive territory (Adds comments, details; changes dateline from Toronto)

By Susan Taylor

OTTAWA, Jan 2 (Reuters) - Toronto's main stock index pushed 2.7 percent higher on Friday, as an energy sector rally helped power a fourth straight session of triple-digit gains to usher in the new year.

All but one of the Toronto Stock Exchange's 10 main sectors ended higher, led by the energy group, which surged 6.3 percent.

Big gainers included Suncor Energy (SU.TO: Quote), up 8.9 percent at C$25.83, Petro-Canada PCA.TO ahead 8.9 percent at C$29.11, and Canadian Natural Resources (CNQ.TO: Quote) gaining 6.7 percent to C$51.99.

"It's a combination of a pretty strong gain in oil prices coupled with the fact that valuations in some of these stocks are really attractive, given the decline they've had over the past year," said Elvis Picardo, analyst and strategist at Global Securities.

The S&P/TSX composite index .GSPTSE rose 246.41 points to close at 9,234.11 points.   Continued...