CANADA STOCKS-TSX edges higher, propped up by rising oil

Thu Jun 11, 2009 10:35am EDT
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* TSX up 35.47 points at 10,633.45

* Stays within recent tight range

* Rise in energy shares offsets drop in materials (Adds details and comments)

By Frank Pingue

TORONTO, June 11 (Reuters) - Toronto's main stock index was higher on Thursday morning as the impact that lower gold prices had on gold-mining stocks was offset by energy shares, which rallied around a rise in oil prices.

The materials sector, home to gold-mining shares, was off 1.2 percent as gold fell further from last week's run toward $1,000 an ounce.

Shares of Barrick Gold Corp (ABX.TO: Quote) were off 3 percent at C$37.70, while Goldcorp (G.TO: Quote) shares followed with a drop of 2 percent to C$38.77.

But the energy group, which accounts for about 22 percent of the main index and often influences its direction, was up 0.54 percent as a rise in oil prices tempered concerns that the pace of the global economic recovery may be slow.

That helped lift Canadian Natural Resources (CNQ.TO: Quote) shares by 1 percent to C$65.23, while Nexen Inc NXY.TO followed with a gain of 1.7 percent to C$27.99.   Continued...