April 21, 2008 / 2:52 PM / 9 years ago

UPDATE 1-Toronto stocks energized by record oil price

3 Min Read

(Adds details, comments, updates trading)

TORONTO, April 21 (Reuters) - Toronto's main stock market index rose on Monday amid record oil prices, while investors shrugged off an expected rate cut on Tuesday and looked to a slew of corporate results later in the week.

The Toronto Stock Exchange's resource-laden S&P/TSX composite index .GSPTSE was up 33.95 points, or 0.2 percent, at 14,271.01. This follows a rise of 121 points on Friday.

"The market has a bit better tone after Friday's huge rally and the psychology has basically changed," said Sal Masionis, a stockbroker at Brant Securities.

Six of the TSX index's 10 main groups were higher, led by a 0.9 percent boost in the influential energy group and a 0.4 percent hike in the materials group. Utilities shares were up 0.7 percent.

Oil stocks rose after the price for U.S. crude oil briefly climbed above a record $117 a barrel, before retreating a tad to trade at around $116.68 on worries of supply disruptions from major producers and comments from OPEC that there was no need to raise output.

Suncor Energy SU.TO rose C$1.44 to a 52-week high of C$118.08 and EnCana Corp (ECA.TO) rose 70 Canadian cents to a 52-week high C$87.40.

In the materials group, Potash Corp POT.TO rose C$3.03 to C$208.73.

The three companies are due to report results this week.

Utilities shares were boosted by power producer TransAlta (TA.TO), which rose 87 Canadian cents to C$33.92 after reporting a first-quarter profit that topped expectations.

Consumer stocks and technology issues were among the groups in negative territory.

Loblaw Cos (L.TO) dropped 91 Canadian cents to C$30.82 after the grocer unveiled a string of management changes including a new president.

Investors largely discounted an impending interest rate cut on Tuesday. Most analysts expect the Bank of Canada to slash interest rates by 50 basis points to three percent. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)

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