CANADA STOCKS-TSX rides energy shares to 1.6 percent gain

Wed Apr 8, 2009 4:52pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX rises 144 points to 8,969.28

* Energy shares boosted by oil price

* Financials up 1.30 percent (Adds comments, details and official numbers)

By Frank Pingue

TORONTO, April 8 (Reuters) - Toronto's main stock index rebounded from an early drop to end higher on Wednesday as rising oil prices gave a boost to energy shares, but nagging economic concerns held the gains in check.

Energy shares had stumbled at the start of the session but turned higher as data from the U.S. Department of Energy showed crude stockpiles rose less than expected, which helped send oil prices back to around $50 a barrel. [ID:nSP425582]

Shares of Suncor Energy SU.TO rallied 4.5 percent to close at C$30.50, while Petro-Canada PCA.TO rose 5 percent to C$37.49. The energy group, which did the bulk of the lifting in the latest session, ended up 2.95 percent.

"The key reversal (in the TSX) came from the oil inventory data," said Francis Campeau, a broker at MF Global Canada in Montreal. "That was the catalyst."

The S&P/TSX composite index .GSPTSE rose 144.53 points, or 1.64 percent, to close at 8,969.28. Nine of the TSX's 10 main sectors ended higher, with a 0.06 percent dip by the consumer staples group the only blemish.   Continued...