CANADA STOCKS-TSX pushes higher as oil price climbs

Wed Aug 19, 2009 12:42pm EDT
 
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 * TSX up 24.57 points, or 0.23 percent, at 10,698.41
 * Energy sector up 0.83 percent as oil climbs above $71
 (Adds details, quotes)
 TORONTO, Aug 19 (Reuters) - Toronto's main stock index was
higher at midday on Wednesday as energy issues led a market
rebound after a U.S. oil inventory report signaled crude demand
could be recovering.
 That news outweighed doubts about the global economic
recovery, prompted a selloff on Chinese markets that spilled
over into other regions, pushing the resource-heavy Toronto
index down more than 1 percent early in the session.
 Energy shares rose 0.83 percent as oil prices climbed to
above $71 a barrel, while the materials group gained 0.64
percent. Both sectors led earlier weakness.
 "Oil inventories tumbled quite a bit and that's brought up
Canada," said Steve Ibel, institutional equities trader at
Beacon Securities in Halifax, Nova Scotia.
 Data showed crude stocks in the United States fell last
week, confounding analyst expectations for a rise.
[ID:nSIN507010]
 At 12:21 a.m. (1621 GMT), the S&P/TSX composite index
.GSPTSE was up 24.57 points, or 0.23 percent, at 10,698.41.
Four of the index's 10 main groups were higher.
 Influential movers included energy giant Suncor SU.TO up
1 percent at C$35.28 and Canadian Natural Resources CNQ.TO,
which climbed 1.2 percent to C$64.21.
 Goldcorp G.TO rose 1.2 percent to C$38.60.
 Firmness in the financial sector, up 0.6 percent, also
helped lift the TSX, with Royal Bank of Canada RY.TO up 1.7
at C$50.94.
 ($1=$1.10 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)