CANADA STOCKS-TSX gains as oil price climbs

Fri May 28, 2010 10:48am EDT
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 * TSX up 21.71 points at 11,770.29
 * Energy shares lead index higher
 * Five of index's 10 main groups higher
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, May 28 (Reuters) - Toronto's main stock index was
slightly higher on Friday morning, supported by strength in
energy shares as oil prices rose, but trading was expected to
be volatile throughout the day ahead of a long weekend in major
 Heavyweight names on the upside included Suncor Energy
SU.TO, up 0.6 percent at C$32.56, and Canadian Natural
Resources CNQ.TO up 1.3 percent at C$36.95.
 Mining shares were weaker. Barrick Gold ABX.TO was down
0.5 percent at C$44.39, and First Quantum Minerals FM.TO
ropped 1.5 percent to C$56.43.
 Some banks were also lower after reporting results this
week that missed high market expectations, with Royal Bank of
Canada RY.TO down 1 percent at C$56.24. [ID:nN27201801]
 "I think it's a continuation on the theme of general
volatility," said Greg Eckel, senior vice president at Morgan
Meighen & Associates. "But also we've got the extra wrinkle
here with the U.S. heading into the long weekend. North of the
border, we're not going to have great conviction which way the
market should go."
 Market observers have also said investors may be squaring
positions as the month-end nears.
 Monday is the Memorial Day holiday in the United States.
 At 10:24 a.m., (1424 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 21.71 points, or 0.18
percent, at 11,770.29, with five of its 10 main groups higher.
The index briefly stepped into the red shortly after the market
 World equities rose for the third day running on Friday and
the euro extended gains against the dollar as investors
refrained from betting on further trouble from the euro zone's
debt crisis. [MKTS/GLOB]
 The TSX index's gains on Friday morning followed a 1.8
percent surge on Thursday.
 National Bank of Canada NA.TO rose 1.6 percent to C$59
after it said on Thursday its quarterly profit rose.
 Shares of Canadian drugmaker Theratechnologies TH.TO
jumped 72 percent to C$5.00 after a U.S. advisory panel
recommended unanimously that the company's experimental drug to
reduce abdominal fat in HIV patients be approved.
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)