CANADA STOCKS-TSX tilts higher in thin pre-holiday trade

Fri Dec 24, 2010 10:42am EST
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*TSX up 0.1 percent at 13,384.52

*Five of 10 index sectors higher (Updates with details, commentary)

By Claire Sibonney

TORONTO, Dec 24 (Reuters) - Toronto's main stock drifted slightly higher in quiet trade on Friday morning as gains in energy and financials offset losses among miners at the start of a shortened session ahead of the Christmas holidays.

The index's energy shares rose 0.3 percent as European oil prices hovered at their highest levels in more than two years, supported by cold weather across the globe and renewed appetite for risk assets.

Suncor Energy (SU.TO: Quote) advanced 0.4 percent to C$38.46, and EnCana Corp (ECA.TO: Quote) rose 0.4 percent to C$29.10.

"Energy keeps chugging along. It's certainly been the feature the last little while," said John Kinsey, portfolio manager at Caldwell Securities, pointing to a rise in the price of oil to over $90 a barrel.

The Toronto market closes at 1 p.m. (1800 GMT) on Friday in preparation for Christmas and will reopen on Dec. 29 for another short week ahead of the New Year holiday.

There was no direction from the U.S. stock market, which was closed on Friday.   Continued...