CANADA STOCKS-TSX touches 2009 high on energy, banks; Potash hit

Mon Sep 14, 2009 12:05pm EDT
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* TSX up 27.78 points, or 0.25 percent, at 11,281.01

* Touches highest level since early October

* Index's energy group rebounds

* Potash Corp down 1.2 percent after Citi downgrade (Adds details, quote)

TORONTO, Sept 14 (Reuters) - After a shaky start, Toronto's main stock index rose on Monday as strength in energy and financial shares helped lift the broader market to touch its highest level since early October.

Influential names on the upside included Suncor Energy (SU.TO: Quote), up 1.1 percent at C$37.11, and Canadian Natural Resources CNQ.TO, which rose 0.9 percent to C$70.83. Another source of strength were financial stocks including Bank of Nova Scotia (BNS.TO: Quote), up 1.4 percent at C$46.24.

"I don't think there's strong catalyst for movement either up or down. I do expect stay around unchanged, maybe slightly higher," said Francis Campeau, broker at MF Global Canada, in Montreal.

Campeau noted, however, while it was a relatively small move higher, the index managed to remain near its highest level so far this year.

At 11:42 a.m. (1542 GMT), the S&P/TSX composite index .GSPTSE was up 27.78 points, or 0.25 percent, at 11,281.01, with eight of its 10 main groups higher. It touched 11,305.12, the highest since Oct 3.   Continued...