CANADA STOCKS-Oil prices, earnings lift Toronto index

Thu Oct 23, 2008 12:13pm EDT
 
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* Volatile TSX index rebounds to climb 100 points

* Petro-Can, EnCana rise on stronger results, oil price

* Investors eye corporate outlook as recession fears weigh (Adds details)

TORONTO, Oct 23 (Reuters) - The Toronto Stock Exchange's main index rose on Thursday morning as energy issues gained on higher oil prices and strong quarterly results from oil companies.

Energy shares rose 3.7 percent on the higher oil price as well as expectations of an OPEC supply cut [ID:nN23298924] and on surging quarterly profits at Petro-Canada PCA.TO [ID:nBNG372282] and EnCana ECA.TO [ID:nBNG274906].

Petro-Canada was up 6.1 percent at C$26.95, while EnCana rose 6.4 percent to C$54.

Shortly after 11:30 a.m. (1530 GMT), the S&P/TSX composite index .GSPTSE was up 107.49 points, or 1.2 percent, at 9,344.37. The index rose sharply at the open, turned briefly negative, and then moved higher again.

Seven of the index's 10 main groups were higher, including strong gains by the mining-heavy materials group.

But the focus may turn from narrow corporate results to the broader outlook for companies as recession worries continue to cloud investors' mood. The Bank of Canada said on Thursday the economy was teetering on the brink of recession. [ID:nN23418668]   Continued...