CANADA STOCKS-TSX up as lofty oil prices boost energy shares

Wed Oct 14, 2009 10:23am EDT
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 * TSX rallies to highest level in nearly 3 weeks
 * Energy shares up as oil prices hit 2009 high
 * Bank shares rally on JPMorgan profit
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 14 (Reuters) - Toronto's main stock index was
up about 1 percent on Wednesday morning as a surge in commodity
prices lifted Suncor Energy SU.TO and other oil and gas
players, while upbeat U.S. corporate earnings helped boost
 Shares of Suncor Energy SU.TO, the biggest contributor to
the early gain, were up 2.9 percent at C$39.83, while shares of
fellow oil company Canadian Natural Resources CNQ.TO advanced
1.85 percent to C$76.38.
 The rally in energy stocks came as the price of oil surged
to a 2009 high above $75 a barrel due to optimism about a
global economic rebound that will lead to higher energy demand.
 Heavyweight bank shares also helped power the rise in the
TSX as a quarterly profit from JPMorgan Chase & Co JPM.N, the
second-largest U.S. bank, beat expectations. [ID:nN13183184]
 Royal Bank of Canada RY.TO shares were up 1 percent at
C$55.75, while Toronto-Dominion Bank TD.TO followed with a
gain of 1.25 percent to C$65.45.
 At 10:00 a.m. (1400 GMT), the S&P/TSX composite index
.GSPTSE was up 100.05 points, or 0.88 percent, at 11,513.59.
Earlier, it rallied as high as 11,539.17, its highest level in
nearly three weeks.
 "You've got firm commodity prices and a perception of the
economy recovering in many jurisdictions," said Peter Chandler,
senior vice-president at Canaccord Capital in Waterloo,
Ontario. "At some point in time the market will have a pause
but right now the momentum is significant and it's hard to get
in the way of it."
 The TSX is up about 54 percent from the five-year low it
tumbled to in March.
 ($1=$1.03 Canadian)
  (Editing by Peter Galloway)