April 20, 2010 / 8:48 PM / 7 years ago

CANADA STOCKS-TSX makes slim gain on oils,as banks weigh

2 Min Read

* TSX gains 0.09 percent to 12,113.53

* Oil price rebound lifts energy shares

* Financials and materials key decliners (Updates to close)

TORONTO, April 20 (Reuters) - Toronto's main stock index closed higher for a second straight session on Tuesday as a rebound in the price of oil sent the hefty energy group higher.

The energy sector jumped 1.16 percent as oil snapped its three-day decline to rise above $83 a barrel as some European flights resumed after the threat from volcanic ash from Iceland receded. [O/R]

Shares of Suncor Energy Inc (SU.TO), Canada's largest oil company, rose 0.59 percent to C$34.25, while Husky Energy (HSE.TO) rose 2.24 percent to C$29.72. Talisman Energy TLM.TO gained 3.96 percent to C$17.33.

"Energy stocks are one of the strong sectors today, largely because crude oil has jumped up $2. The markets are also taking their cue from the U.S.," said Elvis Picardo, analyst and strategist at Global Securities.

He said U.S. earnings reports so far have generally exceeded estimates and Canadian investors are gearing up for similar results from domestic businesses.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 10.56 points, or 0.09 percent, higher at 12,113.53. Six of the index's 10 main groups were higher.

Financials and materials, two of the index's weightiest groups, were on the decline after the Bank of Canada made its clearest signal yet that it may raise interest rates as soon as June, while the price of gold pared gains. [ID:nN20257669] [GOL/]

Financials fell 0.43 percent, with most of the country's big banks down on the day. Royal Bank of Canada (RY.TO) was off 0.3 percent at C$61.31,

Materials dropped 0.56 percent.

$1=$1.00 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

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