June 11, 2009 / 2:37 PM / in 8 years

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

* 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) were off 3 percent at C$37.70, while Goldcorp (G.TO) 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) 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.

At 10:25 a.m. (1425 GMT), the S&P/TSX composite index .GSPTSE was up 35.47 points, or 0.33 percent, at 10,633.45. Five the TSX’s 10 sectors were higher.

The relatively slow start to the day follows a recent trend as investors shy away from making major commitments and instead reassess their holdings ahead of month-end and quarter-end.

“It’s just a little rotation within the market,” said Gavin Graham, director of investments at BMO Asset Management.

“It’s just time for a breather and also we’re getting close to the end of the second quarter and people are looking at their portfolios.”

$1=$1.10 Canadian Editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below