CANADA STOCKS-TSX rises with oil prices ahead of OPEC

Mon Dec 15, 2008 11:35am EST
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* Oil briefly rises above $50 a barrel ahead of OPEC meet

* Gold, most base metals firmer; materials up 5.2 pct

* Teck up 12.5 pct, says will temporary shut zinc mine

* Ottawa may assist forestry, mining sectors (Adds quote, details)

By Jennifer Kwan

TORONTO, Dec 15 (Reuters) - Toronto's main stock index edged higher on Monday morning as oil prices rose on expectations that OPEC will agree on deep supply cuts this week to prop up prices, and as firmer metals prices boosted mining shares.

Heavily weighted stocks that moved higher included Suncor Energy SU.TO, up 4.7 percent at C$26.25, Canadian Natural Resources CNQ.TO, up 4.9 percent at C$48.20, and EnCana ECA.TO, which was 2 percent higher at C$56.01.

The energy sector rose 2.7 percent as oil briefly rose above $50 a barrel on expectations OPEC will agree to hefty production cuts, while a weaker U.S. dollar also helped boost oil. [ID:nSP382169]

"From an oil producer's standpoint, the point that they're likely to cutback in production is a good thing because at the moment ... we have slowing global growth and slowing demand," said Bob Gorman, chief portfolio strategist at TD Waterhouse.   Continued...