CANADA STOCKS-TSX heads higher as oils outweigh gold, banks

Wed May 27, 2009 10:53am EDT
 
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* TSX up 26.60 points at 10,312.50

* Energy group up 2 pct, crude at six-month high

* Bank earnings remain main market focus (Updates mid-morning, adds analyst comment)

TORONTO, May 27 (Reuters) - Toronto's main stock index rose moderately on Wednesday morning as a firmer oil price lifted the energy group.

A 2 percent rise in energy shares overcame declines in the heavily weighted financial and materials sectors.

The three groups make up about three-quarters of the main index's weighting and the first hour of the session was highlighted by see-sawing action after the TSX notched its third-straight day of gains.

Energy shares were helped by a rising oil price, which reached a six-month high after OPEC's biggest member, Saudi Arabia, said the global economy had strengthened enough to cope with oil at $75 to $80 a barrel. [ID:nSYD212068]

Energy issues were the top movers on the TSX, with EnCana (ECA.TO: Quote) leading the pack, up 1.8 percent at C$60.45. Suncor (SU.TO: Quote) rose 2.5 percent to C$37.52 and Petro Canada PCA.TO gained 3.1 percent to C$47.05.

"Today, it looks like it's back to the energy commodity story," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.   Continued...