CANADA STOCKS-TSX rises on earnings, higher oil

Wed Apr 29, 2009 10:12am EDT
 
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* TSX up 54.26 points at 9,402.29

* Higher oil prices help boost energy shares

* Swine flu concerns ease (Adds details and comments)

By Frank Pingue

TORONTO, April 29 (Reuters) - Toronto's main stock index was higher on Wednesday morning as forecast-beating earnings from European companies sparked renewed interest in equities after two straight falling sessions.

Also, jitters over swine flu eased a little as investors took a step back to await further developments to be able to gauge the seriousness of the outbreak.

That helped push the price of oil, a key Canadian export, back above $50 a barrel and spark a rally in the TSX index's energy sector, allowing the index to reclaim some of the ground lost over the past two sessions.

Shares of oil company EnCana Corp (ECA.TO: Quote) rose 1.3 percent to C$55.17, while Suncor Energy (SU.TO: Quote) rallied 1.5 percent to C$30.52.

"Overnight there's been some improvement in risk appetite despite the swine flu and despite concerns about bank stress tests," said Fergal Smith, managing market strategist at Action Economics.   Continued...