CANADA STOCKS-Oil price drives TSX rise but trade cautious

Wed Jun 10, 2009 4:58pm EDT
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* TSX rises 50 points to 10,597.98

* Briefly hits highest level since Oct 14

* Energy shares boosted by oil's rise (Adds details and comments)

By Frank Pingue

TORONTO, June 10 (Reuters) - Toronto's main stock index closed higher on Wednesday as firmer oil prices boosted energy shares, but the rise was limited by caution about the prospects for the North American economy.

The energy sector ended up 1.4 percent and was the key driver behind the TSX's latest gain as it drew momentum from a surge in oil prices to a seven-month high.

That helped boost shares of EnCana Corp (ECA.TO: Quote) by 2.5 percent to C$62.28, and Canadian Natural Resources (CNQ.TO: Quote) by 1.4 percent to C$64.50.

The TSX, which dropped just 1 point on Tuesday, put in a cautious performance compared with the slew of triple-digit advances it recorded during its 41-percent climb from the five-year low it skidded to in March.

"This is absolutely a market that's looking for direction and that's typical of what happens after a strong runup like we've had," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...