CANADA STOCKS-Oil powers TSX to highest level since November

Fri Apr 24, 2009 10:18am EDT
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* TSX up 110.73 points at 9,520.23

* Hits highest level since Nov 2008

* Energy shares lead latest surge as oil prices rise (Adds details and comments)

By Frank Pingue

TORONTO, April 24 (Reuters) - Toronto's main stock index rose to its highest level in more than five months on Friday morning and seemed to be on track for a seventh straight week of gains as a rise in oil prices lit a fire under the energy sector.

The index's energy group led all sectors with a 2.7 percent gain as the potential for higher oil demand sent oil prices back above $51 a barrel. [ID:nSP416073]

Shares of EnCana Corp ECA.TO, which headlined the early rally in the TSX, rose 2.8 percent to C$57.46, while Canadian Natural Resources CNQ.TO followed with a gain of 2.8 percent to C$60.42.

"There are enough buyers who have confidence that we have reached a bottom in the stock market and they see a light at the end of the tunnel in terms of economic news that they are willing to step in," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"Earnings have been nothing to write home about ... and companies aren't really providing upbeat guidance, yet the market market seems to want to go higher."   Continued...