CANADA STOCKS-Oils help TSX rise for fifth straight day

Mon Jan 5, 2009 5:21pm EST
 
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* Energy issues follow price of crude higher, lead index

* TD, National Bank announce preferred share issues

* Gold miners drag on materials group (Adds details)

By Ka Yan Ng

TORONTO, Jan 5 (Reuters) - Toronto's main stock index ended higher for a fifth straight session on Monday, supported by rising energy shares, which climbed along with oil prices, and by a rally in financials.

The oil and gas sector climbed 3.3 percent as the price of crude rose above $48 a barrel, helped up by worries over the effects of Israel's attacks on Gaza and by Russia's dispute with Ukraine over natural gas prices.

EnCana (ECA.TO: Quote) and Suncor Energy (SU.TO: Quote) were among the biggest energy movers. EnCana was up 4.5 percent at C$62.42, and Suncor rose 6.1 percent to C$27.40.

"Commodities in general are doing a little bit better, not just the energy, even some of the base metals are showing some signs of life, and the agriculturals are picking up a little bit," said Levente Mady, broker at MF Global Canada, in Vancouver.

"The main thing on the energy side there is the Israeli conflict and Russia cutting off supplies."   Continued...