CANADA STOCKS-Energy leads TSX higher on day, but down on week

Fri Jul 15, 2011 4:32pm EDT
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   * TSX up 46.62 points, or 0.35 percent, at 13,299.54
 * Index halts weekly winning streak: down 0.5 pct
 * Seven sectors fall, energy and materials prop up index
 (Updates to close)
 TORONTO, July 15 (Reuters) - Toronto's main stock index
closed higher on Friday, lifted by solid gains in its
heavyweight resource groups as key commodity prices advanced.
 Oil prices rose on reduced shipments on a Canadian export
pipeline, and as North American equities gained on favorable
results of a European bank stress test, which offset a rash of
weak U.S. economic data.
 TransCanada Corp (TRP.TO: Quote) said it will cut nominated crude
volumes on its Keystone pipeline to the United States from
Canada by 20 percent next month as it works on the line
following two spills in May. TransCanada rose 1 percent to
 Other top gainers were mostly from the energy and materials
groups. Suncor Energy (SU.TO: Quote) rose 1.09 percent to C$38.01,
while Teck Resources TCKb.TO jumped 2.46 percent to C$49.90.
Talisman Energy TLM.TO advanced 3.1 percent to C$18.61.
 "The underlying strength in the basic commodities are
reflecting the fact that perceptions are not as dark as they
were a day or two ago. So we're seeing a bit of a swing back,"
said Michael Sprung, president of Sprung & Co. Investment
 "What the market today is telling you is at least nothing
was too far off of expectations, at least not on the negative
side. And that's almost relief in this kind of environment."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE  finished up 46.62 points, or 0.35 percent, at
13,299.54. But the gains were not enough to extend the weekly
advance to a fourth straight week. The index fell 0.5 percent
on the week.
 Seven of the index's 10 main sectors were lower, with the
exception of its two resource-based groups. Oil and gas rose
1.36 percent, while materials headed up 0.7 percent.
 ($1=$0.95 Canadian)
 (Reporting by Ka Yan Ng; editing by Rob Wilson)