CANADA STOCKS-TSX rises as oil prices turn higher

Wed Apr 8, 2009 12:25pm EDT
 
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* TSX up 73.61 points at 8,898.36

* Energy shares headline rally

* Insurers offer support (Adds details and comments)

By Frank Pingue

TORONTO, April 8 (Reuters) - Toronto's main stock index was up 1 percent at midday on Wednesday as oil prices rebounded and gave a boost to energy shares, while financials rose on news of U.S. aid for insurers.

Energy shares had stumbled at the start of the session but turned higher as data from the U.S. Department of Energy showed crude stockpiled rose less than expected, which helped send oil prices back above $51 a barrel. [ID:nSP425582]

Suncor Energy (SU.TO: Quote) was up 3 percent at C$30.13, while Petro-Canada PCA.TO also rallied 3 percent to C$36.81. The energy group as a whole was up 1.4 percent.

At 12:15 p.m. (1615 GMT), the S&P/TSX composite index .GSPTSE was up 73.61 points, or 0.83 percent, at 8,898.36 after spending the first hour of the session relatively flat. Just before midday it had rallied as high as 1 percent.

Five of the TSX's 10 sectors were higher.   Continued...