UPDATE 1-Toronto stocks rise, energy leads as oil jumps

Wed Dec 19, 2007 10:00am EST
 
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TORONTO Dec 19 (Reuters) - The Toronto Stock Exchange's main index gained ground early on Wednesday as bargain-hunting investors snapped up a mixed bag of recently depressed stocks, and oil prices lifted energy shares.

The S&P/TSX composite index .GSPTSE was up 121.70 points, or 0.9 percent, at 13,479.77, with the heavyweight oil and gas sector leading the upside.

U.S. crude oil gained some momentum on futures markets, rising above $90 a barrel ahead of weekly U.S. inventory data.

Suncor Energy (SU.TO: Quote) led the way on the TSX -- up C$1.75 at C$105.20 -- despite an order from the Alberta provincial government directing the oil sands developer to cut emissions of deadly hydrogen sulfide at its oil sands operations.

Precision Drilling Trust PD_u.TO rose 18 Canadian cents to C$15.68 after the company said it aimed to quicken its pace of growth next year by focusing capital spending on the construction of "super" series land drilling rigs.

Financial stocks climbed 0.7 percent, telecoms added 0.8 percent and the materials group was up 1 percent.

($1=$1 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)