CANADA STOCKS-TSX touches six-week high on energy rally

Thu Mar 26, 2009 5:18pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 2.25 percent at 8,995.50

* Energy sector up 3.29 percent as oil climbs

* Gains lift TSX to 0.09 percent rise year-to-date (Adds details)

By Jennifer Kwan

TORONTO, March 26 (Reuters) - Toronto's main stock index rose on Thursday to touch its highest level in more than six weeks, as energy issues climbed in tandem with oil prices on optimism that government stimulus measures may be helping to jolt the global economy out of recession.

The broader energy sector rose 3.29 percent as the price of crude CLc1 settled up nearly 3 percent at $54.34 a barrel, as better than expected U.S. data in recent days helped to lift investor sentiment about an economic turnaround and stronger demand for commodities. [ID:nSP460455] [ID:nN26447514]

Suncor Energy SU.TO was up 5.2 percent at C$29.90, while EnCana ECA.TO finished ahead 2.94 percent at C$54.68.

Quarterly results from electronics retailer Best Buy BBY.N beat forecasts, helping to boost optimism that consumer spending may be faring better than expected.

Consumer discretionary issues rose 2.36 percent, while consumer staples rose 0.73 percent.   Continued...