CANADA STOCKS-TSX rises as oil gains help energy sector

Tue Dec 15, 2009 11:09am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX up 0.25 percent at 11,574.23
 * Oil rises above $70 a barrel, after nine days of declines
 * Financial stocks down after U.S. data
  (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 15 (Reuters) - Toronto's main stock index
edged higher on Tuesday, reversing earlier losses, as a gain in
oil prices after a long losing streak lifted shares in the
energy sector including EnCana Corp ECA.TO.
 Shares of EnCana were up 1.05 percent at C$31.88, while
Cenovus Energy CVE.N rose 2.81 percent to C$27.09.
 Oil rose above $70 a barrel on Tuesday after falling for
nine straight days, the longest continuous decline in eight
years, as traders said cold weather was supporting prices.
At 10:40 a.m. (1540 GMT), the S&P/TSX composite index
.GSPTSE was up 28.54 points, or 0.25 percent, at 11,574.23.
 The rebound in oil help reverse an earlier drop in the
index, which followed a report showing U.S. producer prices
rose more than expected, igniting fears of inflationary
pressures. [ID:nN15217719]
 "On the more worrisome side, some of the inflation numbers
were higher than expected, the PPI (producer price index)
numbers specifically, so we're getting mixed reports
throughout," said Steve Ibel, institutional equities trader at
Beacon Securities, in Halifax.
 Financial shares, which opened weaker following the data,
remained down on the day. Royal Bank of Canada RY.TO fell
0.66 percent to C$55.33. Toronto Dominion Bank TD.TO was the
biggest lag on the index, down 1.22 percent at C$65.62.
 (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)