CANADA STOCKS-Toronto accelerates higher, mood cautious

Mon Nov 3, 2008 12:13pm EST
 
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* Eight of 10 sectors rise on renewed market optimism

* Declining oil price drag on energy issues

* Canadian Natural Resources is top net loss leader

TORONTO, Nov 3 (Reuters) - The Toronto Stock Exchange's main index rose 1 percent on Monday at noon with most sectors advancing on optimism that the global recession expected next year will be short and shallow, but gains were held in check by declining energy issues.

After a dismal October, investors' appetite seemed to be returning as global markets kicked off November with gains against a background of easier monetary policy designed to pull economies away from severe recession. [MKTS/GLOB]

Shortly after noon, the S&P/TSX composite index .GSPTSE was up 100.26 points, or 1 percent, at 9,863.02.

While eight of the index's main 10 groups advanced, the heavily weighted oil and gas sector fell 1.42 percent.

The opening mood was one of caution, said Michael Sprung, president at Sprung & Co. Investment Counsel, given that the TSX was down 16.9 percent in October, its biggest monthly drop in nearly a decade.

"If anything, we might hope to see a little bit more stability in the market this week," Sprung said.   Continued...