UPDATE 2-Toronto stocks get boost from oil, Talisman

Mon May 26, 2008 4:43pm EDT
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(Updates closing numbers, add details, quotes)

*Index end slightly higher amid light volume

*Oils, materials edge higher, techs slide

*Talisman jumps after report of China interest

TORONTO, May 26 (Reuters) - The Toronto Stock Exchange's main index ended slightly higher in light volume on Monday as the energy sector pushed up amid gains by oil and a report that Talisman Energy TLM.TO could be an acquisition target.

Shares of Talisman climbed C$1.51, or 6.5 percent, to C$24.70 following a newspaper report that Chinese oil firm CNOOC Ltd (0883.HK: Quote) was considering a bid for the Canadian company or some of its assets.

"Talisman in our view has been an undervalued company," said Michael Sprung, president at Sprung & Co. Investment Counsel.

"We don't find it surprising that people might be taking a look at it -- it's got a very strong balance sheet, good properties and good prospects."

Overall, the energy sector was up 0.5 percent, as oil rose to around $133 a barrel after an attack on a pipeline in Nigeria, while long-term supply concerns remained.   Continued...