UPDATE 1-Toronto stock index gets lift from oil price

Fri Jul 18, 2008 11:22am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details)

* Firmer oil price boosts oil and gas issues

* Financials extend two-day winning streak

* Techs slump as Microsoft, Google disappoint

TORONTO, July 18 (Reuters) - The Toronto Stock Exchange's main index was up more than 100 points on Friday morning, as a rise in oil prices boosted energy issues and healthy U.S. bank results added momentum to financials' run-up.

The price of crude rebounded $1.61 to $130.90 a barrel after shedding around $15 in the past three sessions amid concerns over demand.

Oil's steady ascent helped lift a TSX energy sector that has been largely oversold, said John Kinsey, portfolio manager at Caldwell Securities Ltd.

"They've been beaten up pretty badly with the fall in oil," said Kinsey. "Some of them are considerably down from their highs. Looks like they're going to have a rebound today from that oversold position."

The energy group was ahead 2.1 percent, with EnCana Corp ECA.TO, up C$2.48, or 3.2 percent, at C$80.48, while Bonavista Energy BNP_u.TO was up 92 Canadian cents, or 2.9 percent, to C$32.50.   Continued...