CANADA STOCKS-TSX gains on commodity prices; EnCana jumps

Fri Sep 11, 2009 10:23am EDT
 
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* TSX up 110.34 points, or 0.99 percent, at 11,265.34

* EnCana soars 6.5 percent after split news

* Energy sector, up 2.1 percent, leads TSX higher (Adds details, quotes)

TORONTO, Sept 11 (Reuters) - Toronto's main stock index raced higher on Friday morning as strength in commodity prices boosted energy, mining and other raw materials shares.

EnCana Corp (ECA.TO: Quote), Canada's second-largest energy company, was the top heavyweight gainer after it said it has revived a plan to split into two companies, citing improved market conditions.[ID:nBNG456267] [ID:nN10405416] EnCana shares were up 6.5 percent to C$62.75.

"That's the equity mentality. If you pull apart two things then it's worth more than the whole," said Paul Harris, portfolio manager at Avenue Investment Management.

The index's energy sector was up 2.1 percent.

At 10:03 a.m. (1403 GMT), the S&P/TSX composite index .GSPTSE was up 110.34 points, or 0.99 percent, at 11,265.34, with half of its 10 main groups higher.

The index's materials sector gained 1.5 percent as gold prices zoomed back above $1,000 an ounce, while base metal prices were steady. [GOL/] [MET/L]   Continued...