CANADA STOCKS-TSX ends higher as Enbridge spill lifts oil

Fri Sep 10, 2010 4:57pm EDT
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* TSX gains 0.53 percent at 12,097.09

* Nine of 10 sectors higher

* Worst fears of double-dip recession fade (Updates to close, adds quote)

TORONTO, Sept 10 (Reuters) - Toronto's main stock index ended higher for the first time in four sessions on Friday, supported by strength in oil prices following a shutdown of a major pipeline supplying Canadian oil to the United States.

U.S. crude rose more than 2 percent to $76 a barrel after a leak on Thursday forced Enbridge ENB.TO to shut down the biggest pipeline supplying Canadian oil to refineries in the U.S. Midwest and to a key storage hub in Oklahoma. [O/R]

Enbridge was down 0.72 percent at C$52.50, while the index's energy sector gained 0.57 percent.

EnCana Corp ECA.TO rose 0.84 percent to C$30.18, while Suncor Energy SU.TO, the country's biggest oil company, rose 1 percent to C$34.10.

"The whole point is there could be a disruption in oil supplies for a bit and anything that could potentially disrupt oil supplies has the tendency to push prices up pretty sharply. The energy group is definitely benefiting at least for the day on that sentiment," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished 63.56 points, or 0.53 percent, higher at 12,097.09. Nine of its 10 sectors were higher, including heavily weighed financials, which are often a play on the economy.   Continued...