UPDATE 4-Toronto stock index rides oil surge above 15,000
(Adds details, quotes)
*Index closes above 15,000 for first time
*Supported by shares in energy and gold producers
*Shares of BCE Inc fall amid concerns over its buyout
By Leah Schnurr
TORONTO, May 20 (Reuters) - The Toronto Stock Exchange's main index finished above 15,000 for the first time on Tuesday, propelled by a surge in energy and gold producers amid a continuing run-up in oil prices.
Oil and gas companies were among the biggest advancers by weight with Suncor Energy (SU.TO: Quote) up C$4.84, or 7.2 percent, at C$72.37, and Imperial Oil (IMO.TO: Quote) climbing C$4.27, or 7.5 percent, to C$60.95.
The sector overall bounded up 3.1 percent, while oil, a key underlying commodity for the resource-heavy TSX, extended its red-hot advance, coming close to $130 a barrel. Crude was lifted by bullish price forecasts and growing worries over tight global stockpiles.
"I think there's a real rethinking among investors - all of a sudden they're thinking maybe the $125 oil price is floor rather than ceiling" said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. Continued...