September 10, 2009 / 2:28 PM / 8 years ago

CANADA STOCKS-TSX rises as oil price boosts energy shares

 * 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)                                      

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