February 19, 2009 / 3:37 PM / 8 years ago

CANADA STOCKS-Energy, financials lift TSX at open

3 Min Read

* Energy issues lead rise, supported by higher crude price

* All 10 sectors rise, rebound from index's 3-day drop

* Rogers falls again, brokerages cut price target

* Obama's one-day visit to Canada in focus

TORONTO, Feb 19 (Reuters) - Toronto's main stock index rose broadly on Thursday morning, led by strong gains in the energy group as the price of crude climbed.

The heavily weighted energy sector, which helped push the TSX to its lowest level in 2009 in the prior session, was a big rebounder on Thursday, along with financials.

The index is making gains after three straight days of losses as the price of crude oil rose more than 5 percent to above $36 a barrel.

Much of the support came from the 3.2 percent gain in the energy group, with Suncor Energy (SU.TO) the most influential advancer, up 6.9 percent at C$23.73. The stock was upgraded by Barclays Capital. [ID:nBNG112489]

At 10:10 a.m. (1510 GMT), the S&P/TSX composite index .GSPTSE gained 111.26 points, or 1.36 percent, to 8,287.21. All 10 of the index's main groups were higher.

"Oil is up in Canada, gold is off slightly and we're following the States," said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

"Just a little buying on the cheap after a couple of hard down days."

Some better-than-expected corporate results from the U.S. added to the better tone on Thursday and U.S. stocks opened higher as investors bet Wall Street might hold off from hitting fresh bear-market lows.

But gold issues were mostly lower, limiting the move higher by the materials group, as gold companies reported mixed results and the price of the precious metal eased.

Kinross Gold (K.TO) and Agnico-Eagle Mines (AEM.TO) reported mixed results on Wednesday after markets closed, as gold production soared but profits were eroded or erased by writedowns and the impact of plunging base metal prices. [ID:nN18468043]

Kinross, one of the big movers to the downside, fell 2 percent to C$23.95, while Agnico rose 1 percent to C$67.97.

Meanwhile, Rogers Communications (RCIb.TO) extended losses for a second day, down 2.2 percent at C$30.99, as several brokerages cut the price target on the media and telecommunications company after it reported a quarterly loss.

Investors may also be keen for news from U.S. President Barack Obama's one-day visit to Canada, where trade issues are expected to dominate the agenda. [ID:nN18466482] (Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson)

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