CANADA STOCKS-TSX rebounds as energy shares lead recovery

Fri Jun 5, 2009 1:24pm EDT
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* TSX up 81.40 points at 10,558.64

* Energy shares help spur turnaround

* Gold-mining shares cap overall gain (Adds details)

By Frank Pingue

TORONTO, June 5 (Reuters) - Toronto's main stock index was higher shortly on Friday afternoon after a shaky start to the session as a rise in oil prices lent a boost to energy issues and offset the drag of gold-mining shares.

Oil prices, down earlier in the day, turned higher to move closer to the psychologically important $70 a barrel level on hopes that global economic weakness is diminishing and demand will rise.

That helped boost shares of Suncor Energy (SU.TO: Quote) by 2.8 percent to C$38.56, while Petro-Canada PCA.TO followed with a gain of 3 percent to C$48.56. The index's energy sector was up 1 percent.

But investor sentiment was undermined by data that showed the unemployment rate in Canada hit an 11-year high in May while the economy shed more jobs than expected. [ID:N05253705]

"The main point today was in Canada the employment numbers came out a little higher than expected and they were really bad numbers in Ontario," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.   Continued...