CANADA STOCKS-TSX up more than 1 pct, consumer issues gain

Thu May 14, 2009 11:16am EDT
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* TSX up 1.2 percent at 9,826.35

* Consumer stocks rise, helped by Canadian Tire results

* Resource sectors turn higher (Adds details)

TORONTO, May 14 (Reuters) - Toronto's main stock index rose on strength in financial and consumer issues on Thursday morning, while the energy sector climbed despite lower oil prices.

The TSX was nearly unchanged in choppy trade shortly after the opening bell, but eventually gained momentum to the upside as strength expanded to nine of the index's 10 main sectors.

At 10:50 a.m. (1450 GMT), the Toronto Stock Exchange S&P/TSX composite index .GSPTSE was up 116.84 points, or 1.2 percent, at 9,826.35, climbing back from a 0.27 percent dip at the open.

The financials group rose 1.7 percent after falling for three straight sessions in what analysts have called a "consolidation" phase.

The index is on the rise after posting its first three-day swing lower in more than a month. Entering the session, the TSX was up about 30 percent on a run of weekly gains, after hitting a five-year low in March.

Francis Campeau, a broker at MF Global Canada in Montreal, said he was eyeing technical levels on the S&P/TSX 60 .TSE60, which fell 3.7 percent to 589.15 on Wednesday.   Continued...