December 24, 2009 / 6:43 PM / 8 years ago

CANADA STOCKS-TSX rises on energy, banks in short session

3 Min Read

 * TSX rises 0.82 pct to 11,754.61
 * Energy, financial issues lead  (Adds official closing numbers, comments)
 By Cameron French
 TORONTO, Dec 24 (Reuters) - Toronto's main stock index ended a higher on Thursday, as stronger metals and energy prices boosted the index's resource sectors, while financial stocks rebounded from weakness in the previous session.
 "Commodities are better, and the U.S. dollar's a little weaker," said  Bruce Latimer, a trader at Dundee Securities.
 "I think there's a little last-minute (stock) shopping going on."
 The S&P/TSX composite index .GSPTSE ended the holiday-shortened session up 95.91 points, or 0.82 percent, at 11,754.61, rising into the close.
 It was the fourth-straight day of gains for the index, which has strengthened recently on the back of encouraging economic data and strong resource prices.
 However, analysts warn not to read much into the market activity, as pre-holiday trading volumes have thinned , while fund managers have busied themselves rebalancing their portfolios.
 The market closed early at 1 p.m. ahead of Christmas and Boxing Day holidays, and will reopen on Tuesday, Dec. 29.
 Markets will be closed again on Friday, Jan. 1.
 All but one of the 10 TSX subgroups finished the session higher, with the energy and financials subgroups providing the biggest upward push, rising 0.98 percent and 0.95 percent, respectively.
 Oil prices climbed above $77 a barrel for the first time in three weeks, helped by lower U.S. inventories.
 EnCana Corp (ECA.TO) drove the energy sector, rising 1.9 percent to C$34.49, while Bank of Nova Scotia (BNS.TO) helped support financials, gaining 1.4 percent to C$48.95.
 Materials stocks rose 0.6 percent as both copper and gold prices strengthened.
 Goldcorp (G.TO) rose 1.4 percent C$42.73 after raising its offer for Canplats Resources Corp CPQ.V, and receiving acceptance from the company.
  ($1=$1.05 Canadian)  (Reporting by Cameron French; editing by Rob Wilson)                                      

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