CANADA STOCKS-TSX climbs for fifth day as commodities firm

Thu Nov 27, 2008 4:44pm EST
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*Energy group higher despite oil price dip

*Nexen rises almost 16.7 pct as takeover rumors emerge

*Trading muted with U.S. markets closed for Thanksgiving (Adds closing numbers, quotes, details)

TORONTO, Nov 27 (Reuters) - The Toronto Stock Exchange's main index rose on Thursday due to strength in energy and materials issues, raising hopes that the market is near to finding a bottom.

Heavily-weighted stocks that helped the market higher included Potash Corp of Saskatchewan POT.TO, up 4.5 percent at C$79.69, and Nexen Inc NXY.TO, which was 16.7 percent higher at C$26.01.

Shares of Nexen soared as Canada's No. 4 independent oil exploration company again had to fend off speculation that it is poised to be purchased by a larger rival. [ID:N27403565]

The materials group rose 3.4 percent as gold firmed on a weaker U.S. dollar. [ID:nLR122834]

The energy sector also was up 3.4 percent even though the price of oil CLc1, at about $53.82 a barrel, was lower on the day.

"They are deeply, deeply oversold here so it's not surprising that you would see days where they have some fairly significant moves up," Peter Chandler, senior vice-president at Canaccord Capital in Waterloo, Ontario, said of the two commodity-related sectors.   Continued...