Toronto stocks open higher, buoyed by oil prices

Mon May 26, 2008 9:47am EDT
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TORONTO May 26 (Reuters) - Toronto's main index opened higher on Monday as lofty oil prices boosted the resource-heavy index even as volume was constrained by a U.S. holiday.

Just after the open, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 46.11, or 0.3 percent, at 14,768.47.

All 10 of the TSX index's main groups rose, led by a 0.5 percent boost from the energy group and a 0.9 percent push from the utilities sector. Financial issues were up 0.5 percent.

Energy shares climbed on the back of firm U.S. crude oil prices which rose 0.7 percent to $133.07 a barrel on continued supply worries from Nigeria and production problems in the North Sea. U.S. crude hit a high of $135.09 a barrel last week.

Talisman Energy TLM.TO was up 86 Canadian cents at C$24.04.

The financial sector, which like the energy sector accounts for about 30 percent of the overall index, rose ahead of a rush of second-quarter results from the big banks later this week.

Bank of Montreal (BMO.TO: Quote), which is set to report on Tuesday, gained 29 Canadian cents to C$48.81. ($1=$0.99 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)