CANADA STOCKS-TSX gets early boost from energy shares

Thu Jul 30, 2009 10:24am EDT
 
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 * TSX up 183.45 points at 10,638.78
 * Higher commodity prices drive early gain
 * All 10 index sectors in higher territory
 (Adds details and comments)
 By Frank Pingue
 TORONTO, July 30 (Reuters) - Toronto's main stock index
rose more than 1.7 percent on Thursday morning as a rally in
prices for key Canadian commodities oil and gold helped to
support the resource-heavy index.
 Fresh signs that the global economic slump is waning helped
boost the prices of many of the commodities that Canada exports
since demand would pick up with an economic upswing, and that
rise was reflected on the stock market.
 Shares of oil company EnCana Corp (ECA.TO: Quote) rose 1.85
percent to C$56.79, while Suncor Energy (SU.TO: Quote) was up 3.4
percent at C$34.44. As a whole, the TSX index's energy sector
was up 2 percent.
 "Obviously, commodities are leading the way, they got
smashed in recent trading days so now they are having a bit of
a rebound," said Sal Masionis, stockbroker at Brant Securities.
"And while there are still an awful lot of problems out there
the market had a pullback so people are coming in and doing a
little bit of of buying."
 Data overnight showed euro zone economic sentiment improved
in July, the fourth improvement from a trough in March, which
helped signal that the economy there is bottoming out.
[ID:nLT1519]
 At 10:10 a.m. (1410 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 183.45 points, or 1.75
percent, at 10,638.78.
 Driving its mining-heavy materials sector were shares of
Barrick Gold Corp (ABX.TO: Quote), up 3.2 percent at C$36.93, while
gold miner Agnico-Eagle (AEM.TO: Quote) rallied 4 percent to C$59.34.
 All 10 TSX sectors were higher, led by a 2.6 percent
advance in the materials group.
 ($1=$1.08 Canadian)
  (Editing by Peter Galloway)