CANADA STOCKS-TSX rises as oil price boosts energy shares

Thu Sep 10, 2009 10:25am EDT
 
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 * TSX up 64.72 points at 11,064.89
 * Energy shares lead rise
 * Bank of Canada sees faster rebound, may underpin rise
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Sept 10 (Reuters) - Toronto's main stock index was
moderately higher on Thursday morning as a rise in oil prices
helped lift heavily weighted energy shares and the Bank of
Canada said it expects a faster rebound in the economy.
 All of the index's 10 sectors rose, but most prominent was
a 0.7 percent rise in the energy group, supported by a jump in
oil prices towards $72 a barrel. [O/R]
 Suncor Energy SU.TO, the biggest contributor to the TSX's
higher start, rose 2 percent to C$35.55, while Canadian Natural
Resources CNQ.TO shares were up 1.3 percent at C$53.64.
 The higher start resumes a rally that was interrupted on
Wednesday when Barrick Gold ABX.TO and Fairfax Financial
Holdings Ltd FFH.TO announced share offerings.
 "Yesterday it seems we absorbed a lot of the new issues
business that came out and there might have been people selling
stocks to pay for all those deals that came through," said
Bruce Latimer, trader at Dundee Securities. "But it's early
morning trading and it's tough to get a feel as to where the
market will be later in the day.
 At 10:05 a.m. (1405 GMT), the S&P/TSX composite index
.GSPTSE was up 64.72 points, or 0.59 percent, at 11,064.89.
 The higher start may have been helped by a statement by the
Bank of Canada. The bank said the economy may rebound in the
second half of this year more sharply than it had anticipated.
[ID:nN10231469]
 ($1=$1.09 Canadian)
 (Editing by Peter Galloway)